Why You Need a Financial Advisor to Have a Successful Financial Marriage

Why You Need a Financial Advisor to Have a Successful Financial Marriage

October 01, 2020
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Money is the biggest source of conflict in relationships, and it’s often the reason for divorce. And it makes sense  — money brings on stress for any couple, no matter their income level. Below are the main financial issues that unravel marriages, according to Business Insider: 

  1. Opposing attitudes toward money
  2. Mismatched financial priorities
  3. Credit card debt
  4. Financial infidelity (secret bank accounts, undisclosed debt, hidden purchases, or gambling addictions)
  5. Overextending their budgets
  6. Inability to compromise on spending
  7. Major impulse buys
  8. Stress from combining bank accounts
  9. Unexpected major expenses
  10. Spending too much on the wedding
  11. Loss of financial control
  12. Not having pre-marriage financial counseling 

We agree with those points, and we especially emphasize the last one as a source of trouble: not having pre-marriage financial counseling

You need an impartial person to help you address your financial goals, dreams, worries, challenges, disagreements, and more. By meeting with a qualified certified public accountant, tax attorney, or licensed financial advisor, you can get on the right foot toward a successful financial marriage. 

A financial advisor can help you: 

  • Define your financial goals. A financial advisor can help you narrow your financial goals from general and broad ideas to specific action touchstones and goals. Some goals could be retiring early, starting a business, building shared savings and investments, starting a family, creating a charity, owning and maintaining a home, or traveling extensively.
  • Figure out your spending and saving habits. A financial planner can help you make a budget that works for your relationship.
  • Fine-tune your financial strategy. A financial planner can help you determine which of your financial goals are short-term and which are longer-term. He or she will help you navigate your plan regarding your savings, investments, retirement accounts, and real estate. 

A financial planner can help you weather any financial rough spots during your marriage and help you reach your goals. Contact us today to discuss how we can help you develop a solid financial plan.