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Marriage might add to a New Jersey couple’s financial challenges

Couples who recently tied the knot, or who are about to, could avoid a common cause of marital strife by having a frank and open discussion about the financial challenges that each of them brings to the relationship. One survey concluded that more than 40 percent of people in a relationship did not know the amount of money earned by their partners.

Most arguments between partners in a relationship revolve around finances.  More and more people are bringing credit card debt into relationships today than ever before. A partner with excessive debt or with repayment delinquencies could affect the other person in the relationship. Financial challenges, such as excessive medical debt, should be discussed between a married couple or partners in a relationship.

Creating a budget as a couple that includes a repayment plan to eliminate the excessive debt that one or both partners bring into the relationship starts with full disclosure of any existing financial issues. The discussion should focus on long-term goals as a couple, available income, savings and other factors that will allow for preparation of a plan to achieve debt relief without one partner becoming a burden to the other.

Financial challenges will not go away by themselves. Hiding them from a spouse or partner is also not a solution. Couples who do not know where to start in trying to obtain debt relief might want to talk to a bankruptcy attorney.

Filing for bankruptcy might be a solution to out of control medical bills or high interest credit card debt, but an attorney can offer guidance and legal advice based upon a person’s individual needs and financial situation.

Source: CNBC, "How to talk with your partner about money," Landon Dowdy, July 1, 2015

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At the law offices of William H. Oliver, Jr. & Associates in Toms River and Lakewood, New Jersey, we represent clients in Toms River, Neptune, Trenton, Middletown, Red Bank, Wall, Lakewood, Lakehurst, Manchester, Asbury Park, Old Bridge, Jamesburg, Barnegat, Forked River, Manahawkin, Ocean Township, Brick, Manasquan, Howell, Freehold, Hazlet, Bradley Beach, Brown Mills, Long Branch, Keansburg, Marlboro, Bayville, Beachwood, Whiting, Sayreville, South River, East Brunswick, Monmouth County, Ocean County, Middlesex County, Burlington County and Mercer County.