Financial Planning May Prevent Issues Leading To Divorce

Financial Planning May Prevent Issues Leading To Divorce

If you and your spouse are having issues, divorce is not the only solution. Many have faced similar problems before you, and have found a way to deal with them.

One of the ways to deal with your marital issues is through financial planning. Here are a few ways you and your spouse could manage your finances, and at the same time, save your marriage.

Creating Separate and Joint Accounts

The most common issue married couples have is related to money. Instead of arguing about who spent what and where they spent it on, create separate accounts that will be your money to use on whatever you like. Some people say that having separate accounts lessens the unity in marriage, or shows a lack of trust. If that were true, you wouldn’t be arguing about it in the first place.

At the same time, set a household budget. This is your joint account, and this is where you track your spending. It is a way of being financially secure, and being able to live a normal life. Keep in mind that your joint account should be your primary account, and should take the majority of your income. Family comes first, your own personal needs come second. Simple math for a better life.

Combine Your Financial Priorities

If you and your spouse are important to each other and really want to try and avoid divorce, you may want to consider hiring a professional financial planner. It is no secret that the spouse could sometimes have different plans for life and their finances; one may want to save for retirement while the other may want to invest in real estate. This is where a financial planner comes in. Don’t be ashamed to seek professional help, as it may be just the thing that saves your marriage.

If you need legal help, consult with Divorce Attorney in Salt Lake City and seek advice on how to save your marriage through financial planning.

Invest 10% of Your Income

The most common cause that leads to a Divorce in Salt Lake City is the lack of money. No matter how hard they work, couples simply don’t have enough money to live with. They start worrying about retirement funds and accounts, and panic takes over, resulting in a major fight and even a potential divorce.

Instead, what you can do is save 5-15 percent of your monthly income. Repeat this for several months/years, and then invest that money (saved) in a retirement account. The earlier you start saving, the more secure you will be about your retirement. Problem solved.

Share Debt Equally

The only way to deal with debt and mortgage is by sharing it. Both spouses should consider working together instead of pointing fingers and saying “that is your debt”. If you work together to solve the problem and repay the debt/s, your credit score will improve and your relationship. Together, you are unstoppable.

Note: If possible, live a debt-free life. Avoid taking credit, unless really necessary.