According to a notable survey of Certified Divorce Financial Analysts (CDFA®), 22 percent of spouses split due to money issues. Otherwise compatible partners can easily fall prey to financially-motivated bickering, especially if they hold radically different views regarding the role of money in their marriage.
Thankfully, a vast array of resources make it easier for spouses to get on the same page and avoid drastic action. The following are a few of the best options for easing financial issues:
Financially Ever After: The Couples’ Guide to Managing Money
In Financially Ever After, Jeff Opdyke offers valuable insight into the basic aspects of managing a budget, and the emotions involved. Opdyke believes that financial fluency can resolve most money issues and prevent numerous divorces.
Couple Money Podcast: Build Your Marriage and Wealth Together
Is your spouse reluctant to read a full book about money management? Start by listening to the Couple Money Podcast, which, in addition to guiding you through common money quandaries, helps you take a more active role in controlling your wealth.
The iPhone quote “there’s an app for that” certainly applies to couple-based money management. Although several apps purport to help couples through their financial woes, Honeydue arguably does it best by encouraging complete transparency. The app allows couples to access all relevant information from a centralized location. Regular reminders ensure spouses pay their bills on time. Best of all, partners can encourage one another by commenting on transactions or responding with emojis.
Another money management app, Better Haves intends to help couples “spend less time on finances and save more for romance.” It accomplishes this end with tools designed for effective income distribution and expense tracking. Color-coded envelopes provide an impactful visual representation of each couple’s budget, reducing the risk of overspending in specific categories.
From podcasts to books, numerous resources can help you and your spouse take control of your finances and avoid a money-prompted divorce. Most importantly, however, both of you must commit to developing the communication skills needed to get your budget—and your marriage—back on track.
DiPietro Family Law Group is well-equipped to handle the financial aspects of your Washington, D.C. divorce. Contact us today to learn more about our approach to alimony, child support, property division and more.