There are many challenges that married couples may face over the course of their time together, whether they are recently married or have been together for many years. It might not surprise you that one of the most common issues related to divorce has to do with finances.
Couples who do not discuss finances openly before and during the marriage are likely to have major fights over this one issue. It is important that both parties be on the same page about their financial situation, especially if one person is entering the partnership with much more debt than the other.
A big conversation about how finances will work after marriage might be uncomfortable at first, but it is also highly valuable. Miscommunications and unmet expectations could lead to big problems for the marriage, so getting issues cleared up straight away is the best approach to take.
Although the old standby has been for couples to make all of their finances linked through joint accounts, this is not always desirable or practical for modern couples. Separate accounts might be a good decision if parties have significantly different financial situations or if personal preferences make this are more beneficial options. Â Also, for each person to establish a credit score, separate accounts and credit cards is advisable.
One of the biggest issues to address in a pre-marital financial discussion has to do with the perception of success. Defining financial success can get a couple on the same page and help both parties chart out a path to achieve those goals. Discussing this early ensures that both parties are working towards a common mission and that they agree on the milestones for this success. Being dedicated to the same goals helps bring couples closer together and reduces the opportunities for spouses to argue over spending and debt inside the marriage.
If you are already contemplating divorce, then it is a smart idea to get counsel from an experienced divorce attorney about how divorce could impact your finances. Jayson Lutzky is a divorce attorney offering free in-person consultations who handles divorce cases and understands the implications of various financial siutations on divorces. Call 718-514-6619 to set up an appointment and visit www.MyNewYorkCityLawyer.com to learn more about Mr. Lutzkyâ€™s years of experience.