Choosing to share a life with someone you love can change everything on a fundamental level, which is why it is so important to prioritize compatibility in your relationship. Marriage takes work from both sides. However, many people might not think to consider financial compatibility. If you and your spouse don’t share the same financial values, you may want to speak with a divorce lawyer in Metro East, IL.
How Financial Incompatibility Can Affect Your Marriage
Committing to building a life with someone is something many people want. When you find it, you may be willing to overlook certain incompatibilities that might otherwise cause you to turn away. By the time you realize that you and your spouse don’t share the same financial values, it may be too late to do anything but seek a divorce. Being compatible with financial values is far more important than liking the same movies or travel destinations.
When you learn that you and your spouse view financial security very differently, it can negatively impact your relationship in multiple ways. It can lead to a dissolution of trust, which is often the most important element in a healthy relationship. If trust is gone, divorce is often all but the inevitable next step. Then, you will need to start discussing asset division, child custody arrangements, and more. It can get exhausting and might lead to more financial instability for you.
Can You Overcome Financial Incompatibility?
It can be frustrating and confusing when your partner refuses to reach any sort of compromise regarding your feelings about financial security. Money can be the source of contention for many couples around the world, and overcoming that contention is not easy. It might not even be possible unless the two of you are able to talk things through. If your partner simply refuses to accept your side, that might be a sign that it’s time to end the marriage and start over.
A difference of opinion about finances can easily evolve into a lack of stability in the relationship that you are only just now starting to realize. It is vital that you have a frank and honest discussion with your spouse before it is too late. Here are some potential topics you may want to discuss regarding financial incompatibility:
- Communication. Every relationship is built on a solid foundation of communication and trust. This applies not just to marriages but to friendships and family relationships as well. If you ever have a problem with something your spouse does or doesn’t do, it is vital to your marriage’s success that you address it before it starts to fester and negatively impact the relationship itself. Financial security is something that needs to be addressed.
- Build a budget together. Some couples may find it beneficial to work together on building a budget that both partners abide by. When one partner is quite frugal and the other tends to spend, having a budget can help both partners get on the same page, even if it may be difficult to reach a compromise that everyone respects. If you are not able to reach that compromise, there may be deeper issues that should be addressed promptly.
- Create reachable goals. It is always important to have something to work towards. Having a mutual goal as a couple can help smooth certain discussions over, including financial discussions. Having a financial goal, such as saving for a new car, a home, or a vacation, gives you both a reason to focus on saving money and establish reachable goals.
FAQs
Q: Is It a Good Idea to Hide Money From My Spouse?
A: No, it is never a good idea to hide money from your spouse. If your spouse discovers that you are hiding assets, it could seriously hurt your chances of reaching a favorable divorce outcome, and it might negatively impact the court’s view of you. Even if you don’t trust your spouse with money, hiding it is never the answer. A good divorce lawyer can help you figure out a better option that doesn’t hurt you in the long run.
Q: Will Financial Incompatibility Hurt My Relationship With My Partner?
A: There is no telling if financial incompatibility will hurt your relationship with your partner. It depends entirely on the type of relationship you have. Some couples thrive despite dealing with differing opinions on money. Everyone’s needs in a fulfilling relationship are different. If what you value most is financial security and trust, you may find financial incompatibility to be a serious hindrance to your relationship.
Q: How Do I Protect My Finances in a Divorce?
A: There are multiple ways to protect your finances in a divorce. It is important to recognize that entering into a marriage that is already concerned about protecting your money might be a sign that your marriage may be in jeopardy. One of the strongest methods of protection is a prenuptial agreement, which protects your premarital assets in the event of a divorce. If your partner is reluctant to sign it, that might also be a negative sign.
Q: What Are Some Financial Red Flags to Look Out For?
A: Looking for red flags in a partner is important, and different things can be considered red flags for different people. Above all, you want to be with someone who shares and respects your values in a relationship. When it comes to financial red flags, you may want to be wary of someone who seems to frequently be in debt, has a gambling problem, has a low credit score, or refuses to ever even talk about finances with you.
Contact a Lawyer Today
Finding out you and your partner are not as financially compatible as you expected or hoped can be an upsetting realization to have. At that point, you may want to take steps to protect yourself and your finances. An experienced divorce lawyer can help you take those steps and ensure you are protected the right way. Contact us at Stange Law Firm to discuss your case and how we can help you.
