Financial attitudes affect marriage – and divorce

If you have never discussed your feelings about money and finances with your significant other, you may discover a source of conflict after you sign your Georgia marriage license. A candid discussion about money can be difficult, though, because of the emotional issues that may be attached to finances. We at the Siemon Law Firm have often provided advice to couples who are dealing with the money issues at many stages throughout their marital relationships.

The American Bar Association recommends that you have the discussion before you marry so you can use it as a foundation for a premarital agreement. Before you decide whether you will have joint accounts, and who will manage the household expenses, you may want to identify your own financial style and compare it to that of your future spouse. If one of you is a saver and the other is a spender, there may also be credit scores and debt issues that should be addressed before delving further into retirement and recreational spending plans.

Often, a couple has to face career and family decisions that negatively affect the earning capacity of one of them. If you or your spouse wants to pursue an education, accept a promotion in a new location or stay home with the children, it could result in taking on a substantial amount of debt or the loss of a lucrative career. The effects of the decision could affect your relationship, and they will almost certainly have a bearing on the outcome of a divorce settlement, but discussing them before the situations arise may prevent the conflict. More information about marital financial solutions is available on our web page.

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