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Money Lies Partners Commit.

Date: April 11, 2020

Author: Michael Brown

Categories:

41% of Gen Xers and 29% of Baby Boomers say they ended their marriage due to disagreements about money per a TD Ameritrade study. (Yet the irony is that after divorce, the fighting individuals are shown to be in even worse financial circumstances than before the divorce per other studies.) According to Cashlorette, 60% say one person spends too much or the other is too cheap. The remaining surveyed were split between someone being dishonest about money, how to divide the bills or disagreements about financial priorities, forgetting to pay the bills and such. The Journal of Financial Therapy reports these common financial infidelities: Hiding purchases (24%), lying about how much was paid for a purchase (23%), spending money on children behind spouses back (22%), saying a purchases was on sale when it wasn't (19%), secretly withdrawing money from savings (11%), secretly getting a new credit card (11%), covering up debt (7%), hiding a raise or a bonus (4%).

As a tax accountant, I can testify that a majority of households have one person in charge of preparing taxes and attending their tax meeting. Your financial life shows up in your tax return. Do not abdicate your responsibility for taxes. Even if only one of you can attend your tax meeting due to scheduling conflicts, at least review your tax documents and your final return together. If you do that, at least some of the above deceits won't happen to you.

Much is written about the value of a weekly date night. Take note though, the date night is not the night you want to be talking about money issues (what a kill joy). Maybe assign the 3rd week of every month to discussing financial issues, household priorities, child rearing and to take a few moments to talk about where you see yourselves as a family 2 - 5 years down the road and what steps you can take today to get there.

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