Some say money is the root of all evil, and while such a statement may be an exaggeration, it is no secret that many marriages end due to financial disputes. It is often said that couples must be open about their debts and spending habits before they get married. However, authorities in the field of family law suggest that dating couples talk about their individual finances even before the relationship becomes serious.
When a bank in a neighbouring province conducted a survey, it found that couples countrywide, including in Ontario, are not at all tolerant of financial incompetence. In fact, it showed that cheating spouses are more easily forgiven than those causing money problems. Some respondents to the survey indicated that they regret failing to discuss their individual financial situations with their partners before getting married or committing to cohabitation.
The money talk is not simply sensitive conversation to get out of the way. As the couple’s life together evolves, changes will take place that will affect the family finances. If there is an open financial relationship, each talk about money will be easier to have. It is not only major events such as starting a family or buying a house that need financial discussions, but also daily living expenses and monthly budgets. Contention often builds up over seemingly insignificant economic oversights that were not discussed.
After being responsible only for personal money management for years, it might be a challenge to share all that with another person — especially if it involves two different financial personalities. Fortunately, when it comes to family law issues, the support and guidance of an experienced Ontario lawyer may resolve any issues. If contention persists, a seasoned lawyer will be able to offer guidance and support. Source: CBC News, “For love and money: couples need to discuss finances“, Nisha Patel, Accessed on Jan. 20, 2017