Choosing to share your life with someone else is one of the biggest commitments you can ever make. Marriage takes a considerable amount of work to cultivate such a relationship, and there may be some instances of incompatibility that you don’t recognize until it is far too late to do anything about it. You need to have those conversations before marriage, or you may need to speak with a Bloomington, IL, divorce lawyer.
How Financial Incompatibility Affects Marriage
Everyone wants to find someone special and build a strong relationship that lasts the rest of their lives. It can be a rewarding and beautiful experience, but if you don’t find out just how compatible you are with that person, you could regret it after you get married. While many people may be compatible with the kind of food they like or the movies they see, financial compatibility may be more important than anything else.
If you find out that you and your spouse have vastly different views on financial stability, it could severely impact your relationship in a negative way and lead to a total breakdown in trust, with a divorce coming soon after. At that point, you will need to have discussions about dividing marital assets, child custody agreements, and more. When you enter divorce proceedings, your financial stability could be further impacted by spousal support and more.
Overcoming Financial Incompatibility
It can be immeasurably frustrating when your partner refuses to compromise in any way, but it can be particularly stressful when the subject is money. If your partner simply refuses to see your side of things, it can be a sign of things to come throughout your marriage.
From there, you might even start to question the stability of your relationship and whether this is something you want to stay in for the long haul. It is important to have discussions about financial incompatibility:
- Communication is key. The cornerstone of every successful relationship, including marriage, is communication. If you have a grievance or are feeling slighted, it is vital that you voice these concerns with your partner. If you let it fester, you risk damaging your relationship and growing resentful. Financial security is important, and you should be vocal about your expectations. Discussing your feelings can be enough to fix things.
- Create a budget. For some couples, it can be beneficial to draft a budget that works for both partners. If one partner is particularly frugal and the other is a bit of a spendthrift, it can be difficult to reach a compromise that everyone agrees with. Still, if you aren’t able to get on the same page about financial security, you may have deeper issues to address.
- Establish goals. It is important for every couple to have goals, and it is even more important for those goals to be realistic and attainable. If you are able to reach a financial compromise and create a budget, you may want to set clear goals for your financial future. These goals could include buying a house, saving for a big trip, or even just paying off your current debt.
FAQs
Q: What Are Some Red Flags to Look Out For?
A: It is always important to keep a lookout for financial red flags in a partner. After all, you want to be with someone who shares your values and respects your boundaries. If you see signs in your prospective partner that they may not be compatible with you financially, you may want to move on. Some red flags include a significant amount in debt, a low credit score, a gambling problem, an inability to budget, and a refusal to discuss finances with you at all.
Q: How Do I Protect My Finances in a Divorce?
A: There are many ways you can try to protect your finances in a divorce. If you are entering a marriage already worried about your financial security, your marriage may not last as long as you hope. One of the strongest ways to protect your assets is to have your partner sign a prenuptial agreement. If they are reluctant to sign it or try to guilt you into dropping it, that could be a significant sign that your partner is only interested in money.
Q: Will My Relationship Suffer if I’m Not Financially Compatible With My Partner?
A: That really depends on your relationship. Everyone’s wants and needs in a relationship are different. While some couples may not be financially compatible, they may have other things to offer each other. If you are someone who prioritizes financial compatibility, then you may want to consider entering into a relationship with someone who does not share your values. In the end, it is your decision to make.
Q: Should I Hide Money From My Spouse?
A: No, you should never hide money from your spouse. Even if you do not trust your spouse around your money, hiding it can only turn the tide in their favor when the time comes to get divorced. If the court discovers you are hiding assets, the penalties you could face could be severe. There are other, more honest ways to protect your finances. A good divorce lawyer can give you advice on how to handle separating your money from your spouse’s.
When You Need Help, Call a Lawyer
Many people get divorced because of problems surrounding money. Financial compatibility is one of the most important things that you can agree on with your spouse. If you find that your spouse does not share your financial values, you may want to get out of that relationship and try to find somebody who does. An experienced divorce lawyer can help you weigh your options and decide on a way forward that works for you.
The legal team at Stange Law Firm can help you figure out a plan for your future and assist you in untangling your finances with your partner’s. Contact us to speak with an experienced member of our team and discuss your case.
