Carolann M. Aschoff, P.C.

Preventing financial disagreements with proper planning

Perhaps one of the most common subjects of disagreements for many couples in New Jersey is how to utilize and manage finances. In many instances, ongoing disagreements over how things should be done may lead to a divorce. If people have experienced divorce from their spouse with financial discrepancies being the underlying cause, they may be looking for advice on how to avoid those types of tensions in future relationships. 

One consideration that people may take is to consolidate all of their debt into one loan that can be responsibly and consistently paid over time. Couples should also be transparent in discussing their financial history including what their credit score is and why it is what it is. They should make goals together for ways they can improve their financial stability and wealth over time including realistic goals for how they will improve current weaknesses. 

Because it can be extremely stressful to budget for unexpected expenses or emergencies, couples will benefit significantly from creating an emergency fund that is adequate enough to address unforeseen expenses. This fund should be readily maintained and rebuilt if it needs to be used. They can also benefit from talking openly about estate planning including coordinating any prenuptial agreements before entering into a marital relationship. Investing in stocks and other alternative ways of saving money can be of great value to couples who wish to optimize their financial wealth. 

If people are getting divorced and in need of direction and advice for their life going forward, an attorney may be able to provide that type of support. An experienced professional in the legal industry has the tools and resources to help divorcees identify preventative measures to better their life and minimize the impact of their divorce on their future relationship goals and aspirations. 

Source: Yahoo! Finance, "Just Married? Here Are 5 Essential Money Moves," Rudro Chakrabarti, Oct. 10, 2019

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