Money worries? Managing financial stress in a marriage
Fact Checked
14th March 2024
The cost-of-living crisis has added tension, financial pressure, stress, and money anxiety to couples and their relationships. Money can be a big source of conflict in a relationship and a triggering factor for divorce. A strong marriage needs financial stability to succeed.
Here are some tips from consultant family lawyer Ash Hussain:
- Speak to your partner/spouse in a calm and empathetic way. This will be especially difficult if someone in the relationship has a problem with credit card debt, or gambling, but these problems should be approached with empathy. Be honest with each other about your finances.
- Create and keep close track of your budget to assess a spending plan and get on the same page.
- Evaluate your financial goals and joint finances with your spouse/partner, especially if you share a joint bank account.
- Spend less and track everything you spend – keep receipts and use an app or a notebook to find out exactly where all your money is going. Pay close attention to where your money is going, and how you are spending it and ask yourself what you can be doing better;
- Pay off any existing debt quickly to avoid high-interest rates, stay out of debt, and keep good credit.
- Talk to a financial advisor who has expertise in money management.
- If you work remotely, consider moving to an area where the cost of living is lower.
- Living expenses—who will pay the bills? Not every living situation is 50/50. Sometimes, the person making more may want to pay more or pay more if they use the residence more often. Discuss and agree on how the two of you should split the bill.
- Counselling – if the two of you have different methods of finances or spending habits, a counsellor can help you reach an agreement. You could be feeling angry because your partner spent money on something without permission, a counsellor can help you. If you have debts, a counsellor can also teach you how to refinance and make the debts more manageable.
- Remember that money is not the end. Money is a means to an end. Think about the things you really want in your life and what is important to you.
Ash Hussain of Ash Family Law promotes a constructive and conciliatory approach to the resolution of family law matters.
“I navigate family transition with compassion and negotiation. I help eliminate stress from people’s lives. I preserve what is most important to people: assets, children, and peace of mind. I recognise that in some cases, this is simply not possible or practical, and where needed, I will take a firm and robust approach on behalf of my clients.”
My name is Ash Hussain. I am an experienced family solicitor, recommended in the Legal 500, and I run my own consultancy business, namely Ash Family Law. We specialize in offering professional, strategic, and bespoke advice to individuals navigating relationship breakdowns, divorce, and separation. My passion for family law is demonstrated through my compassionate and negotiation-driven approach to family transitions. I offer guidance to individuals experiencing relationship breakdowns, including survivors of domestic abuse, always with the aim of preserving what is most important to my clients: their children, assets, and peace of mind.
