Money Fix: How to keep finances from fraying a marriage
Experts advise regular discussions about money and financial planning to keep marriage ties from fraying. Credit: iStock
Nothing can mess up a marriage like money. It causes an average of three arguments a month, according to an American Institute of CPAs survey. Money is at the heart of many divorces.
It's not surprising, given a Northwestern Mutual poll: Twelve percent of couples didn't talk about finances before marriage, and even after marriage 11 percent never had a formal conversation about financial planning.
How do you keep money from ruining your relationship?
Meet monthly. Go over bills, budgets, financial goals. "I see situations where one spouse has been unaware of mounting debt and/or overspending and discovers too late how big the problem is," says Kevin Worthley, a certified financial planner with the Retirement Planning Co. of New England in Warwick, R.I.
Delegate. "One may be a genius at coupons and budgeting and the other picking investments," says Joel Redmond, a certified financial planner with Key Private Bank in Syracuse. "Don't try to control your spouse or make demands on how he or she can spend money," warns Rachel Weisman, matrimonial lawyer with the Weisman firm in Uniondale.
Avoid extremes. No one should be completely in the dark, and one spouse shouldn't hand the other his or her full paycheck. The middle ground results from good communication. A person who isn't consulted about big purchases may feel a loss of control and anger. "You'll never know without talking," says Mitch Brill, a certified financial planner with MassMutual in New York.
Get ready for sun and fun with NewsdayTV's summer FunBook special! From celebrating America's 250th birthday to a new ride at Adventureland, NewsdayTV's Elisa DiStefano and Newsday lifestyle editor Meghan Giannotta have your inside look at Newsday's summer FunBook.
