Financial Honesty: Money is the No. 1 Issue Facing Couples
By Chip Parker, Jacksonville Bankruptcy Attorney on Feb 13, 2007 in Marriage and Debt
All too often in the practice of bankruptcy law and family law, lawyers hear complaints from one spouse that the other spouse secretly “ran up the credit cards.” PayPal’s latest survey, aptly titled “Can’t Buy Me Love”, confirms the widely held opinion that money is the #1 issue that couples fight about. More than housecleaning or sex!
In her article on family finances, Michelle Singletary reports that often, one spouse is too controlling regarding the family finances, leaving the other spouse in the dark. According to Ms. Singletary, a majority of couples believe their spouse or partner is using money as a means of control in their relationship, including when and how they choose to shop.
Kara McGuire, a financial reporter, states that couples should periodically schedule a meeting of no more than one hour per week to discuss money matters. The key to a successful financial meeting is to think of your family’s finances as a business. Ruth L. Hayden, a St. Paul, Minn.-based financial educator who teaches a money-and-couples course, recommends a no finger-pointing approach, and she tells clients who tend to have heated arguments to conduct their meeting in a library or coffee shop.
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