Managing Marriage and Money
Credit Card Lawyer in Clearwater, FL
Many married couples struggle with managing their finances. Some have a system in place to decide how to meet their obligations and goals, while others are not as lucky. Especially in light of the current economy, more couples are likely having a difficult time finding a balance of successfully handling their marriage and their money. A recently published article describes some common scenarios of financial strain couples face, and advice on how to address each of them.
Couples who often fight about how each of them spends money may be suffering from relationship neglect, which is more the source of the argument than money actually is. One spouse may spend money as a way of getting back at the other, or a spouse may use the other’s spending against them, bringing it up at a time when it is most hurtful. Often, any spending in this scenario is usually beyond the couple’s budget and can cause serious financial hardship for the family. It is advisable that couples who find themselves in this situation seek the help of a counselor to address the underlying relationship issues that are causing the spending, which can help solve financial issues as well.
Love Is Expensive
Money troubles in a marriage do not always come with conflict. In fact, some couples are so focused on each other and their relationship that they overspend on things like vacations, expensive gifts, and a home that is out of their budget. Eventually, this couple will find themselves without money and with a lot of debt. Couples can dig themselves out of this situation with financial planning and can get out of the debt they are in by living according to their means.
Women as Breadwinners
Women who are the primary source of income for their families may feel extra pressure to be responsible for everything. Fulfilling roles in their careers as well as being a wife and mom is a large burden for most women, which can cause problems in marriage and in money. It is important for couples in this situation to seek help from professionals, but also to enact equal spending rights within reason for each person involved.
Competing with the Neighbors
Another detrimental money and marriage situation is one in which a couple feels pressured to keep up with their peers in terms of spending habits and material possessions. More and more often, people in the U.S. are becoming used to carrying debt in order to meet these desires. Having a large amount of debt can cause stress and problems within a marriage. Since this type of spending usually deals more with wants than needs, couples are more likely to fight about this type of spending. Financial planning is key to overcoming this situation, but so is communication and reflection with your partner on why this type of spending got so out of control in the first place.
Some of the situations above may require a little work, but a solution is often possible. Other times, a couple’s financial hardship may be significant enough to require bankruptcy. Consulting with an experienced bankruptcy attorney about your financial circumstances may be just the thing you need to get some peace of mind and a fresh financial start. Contact an experienced credit card lawyer in Clearwater, FL today.
Call The Law Office of Michael A. Ziegler, P.L. for their insight into bankruptcy and managing money in a marriage.