Many people set a new year’s resolution to control their finances better. Planning to spend less and save more is commendable. Yet, if you are married, your finances are not entirely under your control, and if your spouse has no such desire, then your best efforts could go to waste.
Different attitudes to money are one of the primary reasons people divorce. While holding different perspectives is OK, when one person exercises their beliefs in ways that go against the other person’s, it can lead to tension and eventually divorce.
Talking about money is key
A recent report found a strong link between marital happiness and regular financial discussions between spouses. Discussing how you manage your money makes it less likely you end up fighting over it later in a divorce.
What if it is too late?
Divorce will be your last chance to even things up if you feel the other person was not fair with your joint finances. If you feel they spent too much of your money, you could argue they deserve a reduced share of the property. If you feel they were too mean with the money, leaving you constantly short of cash, you could argue for an increased share for yourself.
What about debt?
Remember, you also need to divide debts, not just assets. If you feel a particular debt has nothing to do with you, especially one accrued immediately before or during the divorce, you could ask a court to consider that is your spouse’s to pay back. Understanding your financial rights in a divorce will be crucial to building the better, more controlled financial future you want.