Looking back, divorced people identified arguments over money as the #1 “point of conflict” in their marriages, according to Dr. Terri Orbuch, a research professor at University of Michigan, who has been researching couples’ behavior for over twenty-five years.
“49% of divorced people from her study said they fought so much over money with their spouse—whether it was different spending styles, lies about spending, one person making more money and trying to control the other—that they anticipate money will be a problem in their next relationship, too. Partners need to discuss their individual money styles and devise a plan they both can live with. They might decide to pool their money, or keep separate accounts. They might want a joint account for family expenses. In the study, six out of 10 divorced individuals who began a new relationship chose not to combine finances.”
A question for our clients:
What do you think? Give us your feedback on how things work in your household….Do you pool all your money? Do you keep it all separate? Or do you combine the two approaches? Did you used to do it differently and change along the way?