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:
- Opposing attitudes toward money
- Mismatched financial priorities
- Credit card debt
- Financial infidelity (secret bank accounts, undisclosed debt, hidden purchases, or gambling addictions)
- Overextending their budgets
- Inability to compromise on spending
- Major impulse buys
- Stress from combining bank accounts
- Unexpected major expenses
- Spending too much on the wedding
- Loss of financial control
- 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.