Deciding to get married is a considerable commitment that requires you to face a lot of your fears and anxieties about the future. Marriage takes trust, focus, love, and work above all. Choosing to spend the rest of your life with someone is a big deal, but there are certain conversations you should have before making that commitment that could negatively impact your marriage later on if you don’t. Your next call may be to an Omaha divorce lawyer.
The Importance of Financial Compatibility
While it can be immensely rewarding to find someone you want to spend the rest of your life with, learning the level of compatibility you have with your spouse is something that should be discovered before marriage, not after. This is especially true when it comes to financial compatibility. If you find out after getting married that you and your partner have very different ideas of what financial stability means, the resulting argument could end in divorce.
At that point, you may stand to lose even more financial stability when it comes to asset division and possible alimony. If it comes to that, hiring an experienced divorce lawyer can make all the difference. Prior to that, you should consider sitting down with your prospective life partner and discussing financial compatibility, among other important things that will determine just how well you two will work together as partners.
How to Overcome Financial Incompatibility
Few things can be more frustrating in a relationship than stubbornness. If one partner refuses to budge on something, it can cause serious issues with the other partner and even make them start to question the relationship. This is often true when it comes to conversations about money. One partner may be unwilling to compromise, leaving the other partner with nothing to work with. Discussions about your financial compatibility are crucial to a healthy marriage:
- Communicate: The key to every healthy relationship, not just marriage, is communication. If you are upset about something, talk about it instead of letting it fester and turn into something worse. When it comes to your finances, you need to be vocal about what you want and expect from your partner. Both of you should sit down and discuss your feelings about finances, debts, and assets.
- Draft a Budget: It may be important to build a budget together. If one partner is frugal with their money but the other tends to spend frivolously, getting on the same page financially can be a bit of a struggle.
Sitting down together and calmly discussing a budget can be beneficial to both of you. At first, sitting down every night and discussing spending habits of the day may be necessary. If the budget works, you may need to discuss it less. - Set Realistic Goals: Once you can reach a compromise and comfortably discuss your respective finances, it can be good to start setting realistic goals about what you want going forward in terms of a financial future. These goals can include paying off your debt, saving for your retirement, saving for your wedding, or even buying a home. Having a goal can help you focus on your financial success.
FAQs
Q: What Are Some Financial Red Flags to Look Out For?
A: If steady income and financial frugality are a big deal for you in a relationship, you may want to keep a lookout for any financial red flags your partner is exhibiting. You may not even be aware of these warning signs unless you are actively looking for them. Some financial red flags include a low credit score, overspending habits, gambling, lack of a budget, stubbornness about discussing finances with you, and a refusal to track expenses.
Q: How Can I Protect My Money in a Divorce?
A: If you go into your marriage worried about your money, that may not be a good sign of your marriage’s longevity. However, if you want to try and make it work but still want to protect your own finances, there are options. One of the strongest protections is to have your partner sign a prenuptial agreement that ensures your assets are protected. A prenup can be a good tool for spouses to use to protect their assets.
Q: Should I Get Married If I’m Not Financially Compatible With My Partner?
A: If you are not financially compatible with your partner, it is generally recommended that you don’t get married. Significant financial differences can lead to arguments, mistrust, resentment, stress, and even divorce. If you and your partner are open to becoming more financially compatible, you may want to consider speaking with a financial planner or seeking the help of a lawyer to draft a financial agreement that fits you. Ultimately, it is your choice.
Q: What Should I Do If I Find Out My Spouse Is Hiding Money From Me?
A: If you uncover or suspect that your spouse is hiding money from you, you should consider reaching out to an experienced divorce lawyer. You may not want to file for divorce right away, but a divorce lawyer can help you launch an investigation into your partner’s financial records and gather evidence. They can even help you speak with a forensic accountant, who can help determine if your spouse is hiding money. From there, the choice is yours.
Don’t Be Afraid to Reach Out to a Lawyer
Money is one of the most divisive subjects in a marriage, and it often leads to messy divorces. The smartest thing you can do is sit down with your spouse prior to marriage and have a frank and honest discussion about your financial compatibility. The last thing you want is to find out your spouse has a spending habit after you have already gotten married.
The legal team at Stange Law Firm understands how difficult it can be to talk about money, especially if it is already a raw subject for you and your partner. If it leads to thoughts of divorce, we can help you weigh your options. Contact us to speak with a team member about your case.
