Many couples take a vow that emphasizes they will remain together until death parts them. Long before that notice becomes true, many couples find their marital bliss tainted with debt, financial dysfunction, and financial misfortune. Debt and money mismanagement can be more corrosive to marriages that infidelity and mistrust. Credit cards can be the primary cause for creating massive amounts of debt within a marriage. Increasing amounts of debt eliminate romance and quality time spent as a couple.
Previous debts and loans that exist at the beginning of the marriage and remain during the marriage also cause tensions to mount and increase. Philosophical differences concerning the finances of savers and spenders can result in unresolved conflicts and debates. Power plays in a marriage occur when only one partner has income, one partner has significantly greater earnings, or one spouse comes from wealth and the other one does not. Competing financial obligations of a growing family or the financial needs of an extending family can also lead to the financial strain of a marriage or the acquisition of debt and loans to finance competing financial obligations and priorities.
Communication is imperative in any marital relationship, especially when it comes to matters of money and finance. Each spouse should be transparent with the other, openly sharing thoughts and views. Financial goals should be set, tracked, and managed. Debt should be dealt with openly and honestly in a space that is nonjudgmental. A debt reduction strategy should be developed with the input of both spouses. Strategies that create a win-win scenario for the saver and the spender should be established. Challenges that could derail marital finances should be identified and discussed. Solutions should be vetted prior to the occurrence of the challenging matters. Agreeing to team together on money matters will enhance the marital relationship.
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Nicole Michelle
Finance and Money Wiz
March 25, 2019
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