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5 ways to prevent money from causing a divorce

5 ways to prevent money from causing a divorce

Divorce is quite a common issue among couples nowadays. It can be quite surprising to see both newer couples who only recently tied the knot and older couples request for separation after supposed years of understanding and commitment. As an experienced family law practice in Altamonte springs, our profession has seen us interact with a reasonable number of couples.

And while people get separated for a number of reasons, some reasons like money tend to come up more often than others. Read on to gain reasonable insights on the issue and learn how to keep your finances from causing a divorce.

Money

Money is one of the most common culprits that you will find in divorce cases. When times get challenging, the finances are one place that always seem very difficult for both parties to find a common ground.

Money can also cause issues even when there is enough of it. Sometimes, a partner may not indulge and decide to indulge their other halves in the luxurious life. Fights will often break out over excessive spending, low incomes, cancelled vacation trips, accruing debts, wrongful spending, job demotion or termination and many more.

Jobs like Bartending, Gaming managers, Flight attendants, Bill collectors, Paralegals and other night life activities have higher divorce rates. Occupations that also make each partner distant and always in transit is also dangerous while low pay-long hour jobs are quite effective at stirring problems. Here are top 3 things to do to keep money from causing a divorce right now.

  1. Draft and agree a budget

    The first and best place to start is to draft, scrutinize and agree a budget for most of the foreseeable expenses that you may incur. Discuss in-depth and factor all aspects of the finances. Evaluate the individual parties of both needs, the family needs and other expenditures. Even with a low income, you can set aside a little amount or take a small loan to ensure that most needs (especially day-to-day requirements) are readily available. Agree amounts to be saved, set aside for vacations, fees, transportation and other utilities after tax.

  2. Have personal and joint accounts

    It is always a great idea to have a joint account that either spouse can draw from but in the realistic sense, it is always best to each own a personal account. A personal account allows each person to spend on personal needs without eating deep into the joint savings of both parties and will reduce the likelihood of confrontations on expenses that may escalate into a divorce.

  3. Make investments and find ways to earn passive income

    Investments are the key to moving from comfortable to financially free. Be sure to have savings but more importantly, discuss with your partner and find profitable ventures to invest in from time to time.

  4. Adjust your work schedule

    Some spouse will argue that the only reason they work so hard is to make money for the family. Their counterparts will argue that they spend too much time at work and less at home. The solution is to find a compromise and adjust work schedules to gain more flexibility and spend time with your family. If you have a job that requires you to travel a lot, you may need to discuss with your employer on the possibility of relocating to somewhere closer to your family or get a new job altogether.

  5. Spend reasonably

    No matter the amount of money available, one partner always tends to be more financially cautious than the other, especially if they are the ones bringing all or bulk of the money. To support your relationship and prevent escalations arising from finances, ensure that you and your partner are thrifty in your tastes and shopping preferences. You may also decide to use limited credit cards to the advantage of both parties.

Should all the above efforts seem futile and a divorce appearing imminent, ensure that you contact a professional family law practice in Altamonte springs to help prepare you and save your interests in the upcoming divorce proceeding.