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Can “the money talk” prevent disputes that may lead to divorce?

Having that important talk about money before marriage is, for some reason, difficult for people in New York and elsewhere. However, the fact that so many marriages end in divorce due to financial disputes underscores the importance of an open and honest discussion about finances before signing a marriage certificate. Couples in the Bronxville area may benefit from advice by the National Foundation for Credit Counseling on how to broach the subject.

Rather than surprising a future spouse when he or she is unprepared, make an appointment to discuss money matters at a public place such as a coffee shop. That may create calm surroundings in which couples can consider the debts they will be bringing into the marriage, and how they will handle those payments. Discussing the financing of the wedding reception at the same time can make the talk feel less like a hearing and more like planning a future together.

Being open and honest is imperative, and it may help if each party describes the way in which money was handled in their households when they grew up. One may originate from circumstances in which there were no limits to funds, while the other party’s background was a life of penny-pinching. Understanding each other’s approach to money may avoid financial disputes later. Regardless of the past — and although the dynamics of each relationship are unique — nobody likes to be financially controlled by another. Allowing each other some freedom with funds in personal accounts and having joint accounts for household finances and savings may be a suitable option.

Sadly, despite taking every possible precaution to avoid marital problems, some Bronxville couples may reach a stage where divorce is the only option. This is typically a traumatic time, especially when there are children involved. It is not a time for rash decisions as careful planning can lead to a less traumatic process. With the support and guidance of an experienced divorce attorney, informed decisions may be taken that will not jeopardize post-divorce financial stability.

Source: U.S. News & World Report, “Financial Conversation Starters for Couples“, Kimberly Palmer, Accessed on Nov. 30, 2016