Hope for the Best. Plan for the Worst!
November 02, 2022
The sobering fact is that over 20 percent of marriages end in divorce within the first 5 years, and 48 percent don’t make it to 20 years, with finances being the leading cause of marital troubles. Knowing this fact should tell you how important it is to be knowledgeable about the financial situation in your marriage from the beginning. If financial problems are the leading cause of marital issues, imagine how quickly those issues can develop if one partner has no knowledge of the family’s basic finances, like how much money is being brought in every month, how much is being paid out on bills, housing and other living expenses. Imagine if one partner doesn’t even know how much money is in the bank at any given point in time, and doesn’t have the ability to check. It’s a recipe for disaster.
If you’re in a marriage and have absolutely no clue about your finances as a couple - or even worse, have no knowledge of your family budget and no ability to access money without having to ask your spouse, should you ever have to make the decision to file for divorce, things could quickly become exceedingly difficult should your spouse refuse to allow you to access money. Additionally, you may well end up being taken advantage of financially during the divorce if your spouse decides to be vindictive and hide assets.
Regardless of how happy you currently are in your marriage, it’s critical that you take a proactive role in your family finances, such as knowing the family budget, knowing what money is coming in and going out every month, and having access to your own funds. An easy way to do this is by having both a joint checking account with your spouse, as well as you both having a separate checking account that isn’t shared. That way, if things ultimately don’t work out, you won’t be trapped because of a lack of access to money.
When two people get married, the last thing they want to consider is that their relationship won’t last. Sadly, with over 1 in 4 marriages failing within the first five years, and the high cost associated with hiring a divorce attorney in the United States, being financially prepared just in case the need ever arises is imperative to avoid the unnecessary stress and mental anguish that would otherwise be unavoidable if you have no knowledge of your family’s finances and/or no access to money.
If both you and your spouse have equal knowledge of your budget and finances and you both have the ability to access cash, the likelihood of having a more amicable and far less stressful divorce goes up significantly. It will also make filing for divorce online easier, which will save you time and money.
Think of being financially prepared and knowledgeable in your marriage in the same way as you think about hurricane preparedness when you live in Florida. It’s not fun to think about and no one wants to go through it, but being prepared nonetheless will make all the difference should you ever have to.