Dealing with financial management issues within your marriage

On behalf of Bankruptcy Law Firm of Clare Casas on Thursday, March 27, 2014.

One of the biggest causes of marital strife in Florida, as across the United States, is disagreeing about finances. Financial management issues should be discussed openly with spouses to avoid unnecessary disagreements. An open and honest policy may just be what is needed for couples in Florida when debt seems to be piling up inexplicably.

There are many people who believe that one of the biggest mistakes married couples make is to not discuss their spending habits. Most people have made poor financial decisions at one time or another. Therefore, it is important to discuss financial management issues and the ability of each spouse to be savvy about finances. It is not necessary to combine bank accounts the day after getting married, or even at all, but it is important to make sure that both spouses are protected in every decision made.

One way to ensure that debt does not become overwhelming is to compile a budget and keep to it. When one of the partners recklessly spends money and then either does not own up or fibs about expenses, it can lead to debts piling up. Debts cannot be hidden forever, as they have to be paid eventually. When a spouse is known to frivolously spend money, it makes sense to give the other spouse the responsibility to handle the day-to-day finances, without letting the other spouse feel powerless and without any control.

Florida couples who find themselves buried in debt due to ineffective financial management issues may want to explore the different options available under state law. When debt becomes overwhelming, a couple may want to consider the protection of bankruptcy. Chapter 7 bankruptcy discharges unsecured debts and offers protection against creditor harassment, while Chapter 13 bankruptcy offers a reorganized payment plan for those who have a steady monthly income. Opting for one of these possible solutions may spare a couple many disagreements regarding finances and lead to a stable financial future.

Source: wallstcheatsheet.com, In a Relationship? Don’t Make These Money Mistakes, Sienna Beard, March 14, 2014