Money plays a huge role in the divorce. Some couples would even admit that financial troubles have become one of the main reasons that push them to file for the divorce. When it comes to money, it can become tough to keep a relationship healthy, especially when the kids’ needs are no longer provided for.
At the end of the day, couples simply end up thinking that divorce is the only way they can get their spouses to work harder to provide for the family. After all, with a good divorce lawyer, a spouse can always demand financial support to aid the kids and their needs at home and in school.
What’s your money personality? You, too, may wonder why you’ll be asked this question when you’re in the middle of mediation to find the settlement of the issues that surround the marriage. Many people do not realize that their money personality speaks so much of how they make decisions in life and their so-called threshold in dealing with debt. When you recognize your money personality is different from that of your spouse, you may realize that such difference can be addressed, and divorce won’t be the last resort.
Money personality describes the way you think about spending and saving. You have to know what your money personality is especially through the process of negotiations during the divorce so that you’ll be able to make wise decisions. When you decide which of the matrimonial properties you’d like to keep, you have to weigh carefully whether keeping the property would be worth the tax you’ll be charged for holding it. You must also be able to decide when an investment is worth the risk and what steps you need to take to make your financial investments to the next level.
Finally, during discussions about the separation, stay focused on what you want to get financially. Although divorce can be a very emotional time, you have to stay focused and leave your emotions outside when making decisions and even during negotiations. You cannot make the hurt decide for you because you might end up keeping the worst properties in the marriage for all the wrong reasons. With knowledge about your money personality and a good lawyer and financial strategist on your side, you can never go wrong.