The Women Stories: HOW IS YOUR MARRIAGE DOING FINANCIALLY?

I came across this post about money counseling for couples and I think it's worth sharing. If you're having marital problems, you may want to check this out.
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Throughout my years in the financial services industry, I have noticed that money counseling and marriage counseling often go hand in hand. One of my good friends, Leslie Webb, is a psychologist and will frequently send me her clients to help them budget and examine other underlying financial issues that may be causing their relationship stress.

To put it simply, in her own words, “If these financial issues don’t come to light, the marriage is doomed.”

So, how do you know if your problems are money related? It is not always obvious whether you need marriage counseling or money counseling but, here are some common warning signs that your relationship might be in financial trouble:

1. One partner handles the money, while the other wants nothing to do with it.

When it comes to managing household finances, both partners should be involved, or at least be aware of where money is being spent. Leslie and I are both currently experiencing an epidemic of clients who have mentioned that, within their relationships, one partner manages the finances and the other never looks into what he or she is doing. Societally, we used to view men as being responsible for a couple’s finances, but this is no longer the case. Both partners should have a role in managing money.

2. You have separate bank accounts.

If you both want to keep an eye on your money, separate bank accounts might seem like a good idea, but they can actually cause a lot of financial stress in a relationship. Managing money should be a joint effort, and separate accounts do not allow you to work together as well. Having separate accounts can lead to one partner hiding expenses or debts from another and can create animosity, because there is usually going to be judgment against how one partner is spending.

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