One of the many challenges that married couples face, aside from resolving who should sleep on which side of the bed, is money management. Money, as we all know, can be a tricky thing to navigate, which is why it’s not surprising that it found its way into wedding vows – “for richer or for poorer…” Nevertheless, despite having uttered these vows, a lot of couples these days doesn’t seem to get it through together and survive for richer or for poorer as many studies have shown that financial issues are among the major causes of marital troubles that often lead to divorce. This is why it’s vital for couples to be smart in managing their money and take steps to make their finances work through thick and thin. Here, we share some important money management tips that couples, whether newlyweds or not, should follow to enjoy a lifetime of financial and marital harmony. 1. Talk openly about money. Ideally, you and your partner should be able to have the money talk prior to marriage. Be open and honest about your financial situation, obligations, how much you make and how you intend and...
As an advocate for this budding family, I would encourage them to seek counselling individually to affirm that they are still both committed to being in the marriage. Once that has been established, couple counselling can advise for open lines of communication. I would also refer them to a financial adviser to guide the couple on saving money. Moreover, David’s financial disregard may discourage each partner from being motivated and stifle their independence. Furthermore, I would encourage them to gain independence and comprehend that parental boundaries can lead to stress and pressures in a new
“Money disagreements and disappointments can predict the long term-success, or failure, of the relationship” (Mary Loftus, 99) To sustain a good relationship, one must be able to overcome problems especially the ones that deal with money. In the article Till Debt Do Us Part, Mary Loftus addresses the importance of communication when it come to money arguments. She explains how many is a big problem in most relationships mostly after marriage. She points out the main reasons on why and how having bad communication can make a small argument a disaster. I completely agree with the author’s point. When in a relationship, one learns to overcome small arguments and any obstacle. When in a marriage, one should be able to communicate, comprehend, and
“Money, frequently cited as the biggest source of stress in family life, is often an even more challenging matter for members of stepfamilies”
Reaching an agreement about property and support issues before a marriage occurs can make life easier in the event of divorce or death. Those who already have children or who have substantial assets may benefit the most from sitting down and working these issues out before getting married.
...ue of monetary standing also comes into play after the proposal. In the dealings of settling the family’s and the upcoming couple’s finances, “let candor and generosity actuate you in this difficult transaction” (48).
Most couples will at one point or another in their lives consider marriage. Perhaps the two persons have known each other for years, or perhaps they just met each other a few months ago. While love and affection might be some of the key components in a marriage, or any relationship to say the least. Some of the largest and most crucial factors of a relationship’s standing have to do with decision making, conflict resolution, and finances. Whether both of the individuals work full-time, or one partner is the “stay-at-home” type, we can honestly say that spending habits and conflicts should be properly addressed. If one of the partners feels that the other partner is being negligent in regards to the couple’s financial standing, it can be considered grounds for possible conflict and even divorce. Being negligent of finances in a marriage can cause the divorce of what was at one point, a happy marriage.
When I was younger, I had thousands of dollars in credit card debt that I had to overcome. My husband was shocked when he found out before we got married that he was going to be a proud new daddy
Ludwig Lowenstein, an experienced psychological consultant. In his article, “Causes and Associated Features of Divorce as Seen by Recent Research” states that “people who embarked on partnerships at an early age, cohabitants, those who had experienced parental divorce, and those who were economically, somatically and emotionally vulnerable had higher risks of divorce” (Ludwig pp 157). Couples who are financially unstable are bound to experience the effects of the bad economy thus resulting in expected problems like unemployment and constantly depending on their significant others to provide for them. With this, comes the disadvantages of relying on others and disrupts the social status. At this point, most couples think of ways to solve this issues and according to this study other couples eventually file for divorce. He also reports, “A study of young Americans who wished to divorce showed that economic factors played a significant role in many who sought separations and divorces (Burgess et al., 1997)” (Ludwig pp 157). Evidently, this shows that financial problems cause divorce due to lack of money to support oneself. With that, it is also difficult to financially support your marriage. In some cases, the other person is inclined to take on the responsibilities that deal with financials. Eventually, this doesn’t last long, and that is
Lewin, T. (2005, May 19). When richer weds poorer, money isn't the only difference. The new
This correlates with data found in Steuber and Paik (2014) article regarding cohabitation. The researchers found that majority of cohabitating relationships are formed in early adulthood (Steuber & Paik 2014). The responses from the five couples also show that cohabitating can be a short-lived union (ibid). Couple D moved the quickest and married within a year of cohabitating together (Personal experience D 2014). Couple E separated after three years of cohabitation (Personal E 2014). These two experiences show that cohabitation can be short-lived relationships that end within three years (Steuber & Paik 2014).Of the duration of my research, Couple A, B, and C remain in cohabitating relationships, it will be interesting to see how these three cohabitating relationships will end. Couple A, B, C, D and E list some type of financial constraint as a reason for cohabitating. Couple A are in entry level position jobs and living in Toronto (Personal experience A 2014). This couple expressed that it is cheaper to share expenses especially rent (ibid). Couple B decided to cohabitate together because it is financially more stable to share expenses (Personal experience B 2014). The female in this relationship is finishing her postgraduate education and the male works full time (ibid). Couple D also had financial constraints because of the expensive rent in Toronto, and the male is still completing his education (Personal experience D 2014). Couple E had financial constraints because they were employed in low income jobs (Personal experience E 2014). They both only have high school education (ibid). The personal experiences experienced by these four couples show the financial insecurity of this age group. This correlates well with data found in the Statistics Canada (2012) financial security survey, the median net worth of individuals under the age of 35
In many instances, dual-earner families find difficulty maintaining a satisfying marriage due to time constraints and conflicts between their job and family. As a result, it is imperative that couples communicate their values, goals, and priorities, and revisit them frequently. Additionally, with more families being forced into becoming dual-earner families, government officials must be proactive and establish programs that help employees balance their careers with their family. With dual-earner families here to stay, couples must set aside their differences to provide themselves with sufficient economic
The best money related advice I ever received: “If you are fortunate enough to purchase real estate, never let go of it. If you want to buy more real estate, you can use the first property as a bank or you can rent it to someone and have them pay your mortgage and taxes for you.” The first property you buy can secure your future. It’s free money, other people work hard to pay your mortgage, excellent plan. I was living the dream, beautiful condominium that I purchased as a single unmarried woman, it was amazing. A couple of years later I got married and together we bought a townhome, so I rented my condominium, the rent that I received covered all expenses plus a little extra for me. Fast forward 10 years, that real estate advice never meant more to me than when my life shattered and I didn’t have anywhere to go.
It is easy to understand why finances continue to be the leading cause of divorce, especially when many couples tend to overlook the practical aspects of marriage before combining everything as marital property.
...money now or save it for the future. Additionally, many couples have not talked about their financial situation before getting married and do not often consider talking about the role money plays in their relationship and life (Lee, 2013). As a result, couples discover these things after getting married and realize that they won’t be happy and successful having financial troubles. This is when couples decide to divorce. Furthermore, some couples do not like to act as a couple and prefer to spend their money separately (Lee, 2013). They do not like to help each other when it comes to finances. This situation often leads to divorce, because couples are not able to achieve their future goals, since they are hiding their money businesses from each other (Lee, 2013). Hence, these financial problems tend to cause problems between couples and eventually lead to divorce.
Another cause of divorce is due to financial difficulties. Budget handling and debt arising out of low or reduced income is an example of a financial cause of divorce. Fighting over how to budget becomes a major problem in the marriage. In most cases, one of the partners is not content with the overspending habits of the other individual. This will cause a stressful situation which leads to an unwholesome relationship and result in a divorce. A couple struggling to make ends meet has the potential to cause conflict within the marriage. How the economy is today, it seems we are fighting more and more to keep our jobs.