Keeping a relationship together is about solving problems before they become problems and this applies to everything from pet peeves to financial responsibility. Everyone wants to feel secure in their relationship. This can be challenging when one partner carries significantly more debt than the other which is why managing finances is not just a practical matter, but a personal one, too. If your partner’s debt has you worried, here are some suggestions on what you can do.
A Couple’s Guide to Managing Finances
1. Communicate Openly and Honestly
Just as your partner has a responsibility to be open and transparent about their financial position, you have a duty to communicate your concerns with care. Talk, share your worries, and collaborate on designing a solution. Reassure your other half that you’re in it together and will support them from start to finish. Avoid judgment but, likewise, avoid committing to helping in ways that aren’t healthy or feasible.
2. Offer Realistic Support
If you made money hand-over-fist and could spare $100k+ to liberate your love you wouldn’t be reading this article. Instead, like most of us, we’ll bet managing finances is one of your central preoccupations.
As you support your partner in nurturing financial responsibility and paying off debt, you need to take care to not jeopardize your own economic well-being. You can’t care for others if you’re not taking care of yourself. Instead of offering to lend them money or to take on more domestic costs, support them in designing a debt repayment plan. Draft a shared budget, plan leisure according to your collective means, speak to a financial professional together and, above all, support your relationship by supporting them.
3. Go to the Source
Debt arrives in many forms. Maybe your partner took on big-time loans to pay their way through medical school. Maybe serious illness forced them into heavy borrowing. Maybe they just love glittery things more than financial responsibility.
If your partner’s debt has set them up for future economic stability you can breathe easier than if it is the result of reckless spending. In the latter case, you need to talk about lifestyle choices as much as strategic financial planning.
4. Seek Help
Nobody likes crunching numbers and luckily in the present day and age, you don’t need to. A pay off credit card calculator or similar software can make debt management far less intimidating. Likewise, third-party support can diffuse the emotional charge of the situation. An experienced estate planning attorney, for instance, not only helps you put your affairs in order but also works with you to construct a long-term plan that ensures you and your partner both gain the security of knowing that together you’re on the right path.
To learn more about keeping a relationship alive while managing debt, do not hesitate to reach out to the Deliberato Law Center today either by calling us at (216) 341-3413 or using the contact form on our website.
Contact the Estate Planning Attorneys at Deliberato Law Center