Why it is Important to have the Difficult Conversation about the Family Finances
Our Francine Bristo deals with the importance of discussing financial matters with your partner or spouse.
Most couples don’t make the time to have a conversation about the finances because it can lead to increased tension and arguments. Money is emotional, evoking feelings of shame, fear, anger and frustration. It is no wonder that people avoid talking about money and what would happen in the event of their relationship ending. Ignoring these issues whilst they are small however, allows them to grow into larger problems. There is nothing worse than dealing with the emotion of money combined with the emotion of separation. It is better to discuss the finances and what would happen if you were to separate whilst you are on good terms. Conversations help avoid misunderstandings and later upset. It is useful for everyone to clarify the terms of your financial relationship so that you each understand the expectations, obligations and any entitlements arising. An agreement on your finances can prevent future disputes and unnecessarily high legal fees. If you are living with your partner, we recommend that you consider a cohabitation/living together agreement. If you are married, we recommend pre-nuptial or post-nuptial agreement.
We believe these conversations, however difficult, are an investment in your own wellbeing, your relationship and it helps build transparency as well as trust. Conversations about the finances should be had at several points during the relationship, any agreement should be reviewed regularly but is particularly important when there is a change in circumstances such as moving to a new property or having children. If you would like assistance with where you stand, your options and how you should approach these conversations please get in touch.
Please contact us at the emails below:
Rugby office - email@example.com
Daventry office – firstname.lastname@example.org
Southampton office - email@example.com
Birmingham office - firstname.lastname@example.org