Donna Dougherty Law P.C.

Couples urged to think of marriage like a business

Getting a divorce is something that most Virginia residents wish to avoid. No couple gets married with a divorce in the future plans. However, it seems that too many couples don’t take the time necessary to put some important things in place that may better safeguard against a future divorce. This is especially so when it comes to financial planning and management.

Too many spousal arguments have centered around money and financial issues have been contributing factors to many a divorce. Forbes explains that thinking about marriage more like a real partnership could benefit couples down the road. When dating, couples may focus on compatibility in several areas yet neglect financial compatibility. Doing this leaves them vulnerable to more financial stress in their marriages later on.

Before getting married, couples are encouraged to discuss not only their current financial picture but their approach to money overall. Complete transparency here is essential. Discussions should include making choices about how they will handle money together once married. Even if they maintain separate bank accounts, both spouses should know about the other person’s finances. An ideal situation involves shared control of the marital finances so that one person is not left in the dark. Again, this is taking the business approach to a partnership. No person would join a business as a partner without some oversight of the finances. The same approach should be taken with a marriage.

Couples may even wish to seek financial counseling before getting married to set them up for their new lives together. When even the best planning does not prevent a subsequent divorce, talking to a lawyer early on may be useful in managing the financial aspect of a divorce.

 

Source: Forbes, “Your Worst Financial Problem Might Share Your Name,” Paul Wannemacher, February 7, 2016

 

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