Not to go all Dr.Phil on you, but…
Do you love your spouse? Trick question. I am assuming you do. If you don’t, then stop reading my blog, and google a marriage therapist…right now. Anyway, there is a very strange debate going on in America today that you may or may not be privy to. The debate is this: should married people have separate accounts to make life easier in the event of divorce?
It is a sad yet interesting argument. Should you live your financial life cautiously to protect yourself from getting wiped out in a divorce scenario. I have seen and heard of a number of instances when one spouse is left high and dry. Could they have prevented this by asking for separate accounts early in the marriage? Maybe, but is such caution a self-fulfilling prophecy? I honestly don’t know the answer, but I do have an opinion.
This is a very complicated predicament. If you insist on having separate accounts, aren’t you planting the seeds of mistrust? Are you strengthening your relationship by driving a stake between your assets? This may seem like a moral issue, but things get pretty cloudy once you have seen a person get wiped out in a divorce. Part of my business’s mission is to open the lines of communication and trust in a marriage. The lack of trust usually manifests itself in the separation of bank accounts, but the mistrust has nothing to do with money. I am not saying that separate accounts always mean that you don’t trust your spouse, but there are some interesting things to consider.
Well, here is the good news. You can fix it. Money problems can usually be fixed by communicating with your spouse. I would love to know what you (the reader) think about separating your assets to prevent a divorce-induced financial meltdown.
Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.