Budgeting can play an important part in a marriage, and every couple should sit down together and write up a budget together. Understanding your income(s) and liabilities, and being able to openly communicate about them sets a good foundation for any relationship.
Say, for instance, that you are considered “the breadwinner.” You feel like your partner takes advantage of that joint bank account you have together. You work hard, pay the bills, and your spouse decides to use the left-over funds to go on a shopping spree. Sitting down with them and creating a budget can really bring to light what they actually spend, in comparison to what you both consider reasonable.
Finally creating a budget is often an eye-opener. Laying out what each person brings home, and what each bill takes away from that income pool can show just how much there is left to spend on leisure. You may also discuss putting the breaks on too much personal spending so you can both leave a little cushion in case something unexpected comes up.
Financial trouble can cause serious riffs in any marriage. At Wolf & Shore Law Group, the majority of our divorce clients say that not seeing eye to eye on the finances was a determining factor in why they filed for divorce in the first place.
Budgeting is not always easy, especially in the midst of divorce. One household on one income can sometimes become two households on one income, and it is difficult to change your financial mindset like that. Very often, a person who was a stay-at-home parent prior to a divorce needs to find a job to supplement support from his or her spouse. Our office can refer you to a multitude of specialists, such as a financial advisor and/or an accountant to help you set up a new budget and plan for your future, after a divorce.
If you, or someone you know, needs a consultation contact us today. Our attorneys offer each potential client a personalized confidential consultation. We can be reached here, at 203.745.3151, or at info@wolfandshorelaw.com.
