When you get married, you and your spouse have to learn how, as a team, to handle everything that life throws at you. One area seems to be more troublesome than others — money. It is imperative that you and your spouse are on the same page when it comes to finances. There are three things that you need to do to make sure that your finances stay on track.
First, create a budget. This gives you and your spouse the basis for making financial decisions. You can set limits for various categories. Anything over that amount would have to come from somewhere else. Your budget should be realistic and it should be based on your current base income.
Second, set expectations. Knowing what your spouse expects of you can help you to make decisions. One thing that is important to do is to set limits for what you can spend without your spouse being a part of the decision. If a purchase will surpass the limit, you should bring your spouse in so he or she can give you an opinion of the purchase.
Third, make a plan. If you are like most people, you have aspirations and goals. Whether you are saving for a house or planning for your retirement, you and your spouse should make a plan to reach the goals.
If you and your spouse just can’t come together on money issues and you feel you need to file for a divorce, learn about the process before you file so you know what to expect. This includes learning about how the divorce can impact your assets, your credit and your finances.
Source: FindLaw, “How to Avoid Marriage Money Problems,” accessed Feb. 17, 2017
7310 Ritchie Highway, Suite 910
Glen Burnie, MD 21061
30 Corporate Center
10440 Little Patuxent Parkway,
Columbia, MD 21044