Can you guess the most important and frequent topic of conversation between couples?
It’s money, according to an Ameriprise Financial study of couples and money.
The good news is that 88% of couples are happy with how they’ve divided their financial responsibilities and 68% communicate well about their finances. However, the study also found that 31% of couples have at least one fight per month about money, while 73% of individuals manage money differently to their partner.
A separate study by Relationships Australia found financial stress is responsible for 26% of separations, and is the number one reason why couples break up (ahead of communication difficulties, different expectations and values, and lack of trust). Also, 71% of respondents said financial difficulties were more likely to push couples apart than keep them together.
So if you’re experiencing an unhappy relationship, and money is a contributing factor, you’re not alone.
Financial agreements can be signed even after you’re married
Thankfully, though, there are some ways to address your problem.
One of these is to draw up what is known as a ‘financial agreement’ between you and your partner.
Many people assume financial agreements (some forms of which are similar to ‘pre-nups’) can be created only before a marriage. However, financial agreements can be signed both before and after nuptials, and also before and after commencing a de facto relationship.
Before we explain how a financial agreement might help an unhappy relationship, let’s quickly explain how a financial agreement works.
What is a financial agreement?
A financial agreement is a legally binding document that outlines how a couple’s assets would be divided and what ongoing financial commitments each party would have in the event of a separation or divorce.
Financial agreements can cover:
- Cash in bank accounts
- Property
- Shares
- Superannuation
- Cars
- Businesses
- Financial support of one party by the other
- Other things
A financial agreement is legally binding only if both parties have received independent legal advice before signing.
How financial agreements can lead to happier relationships
So, how would a financial agreement help you if you had an unhappy relationship?
Well, as you saw with those studies quoted earlier, money can be a divisive issue that erodes the love and trust a couple feel for each other. Signing a financial agreement may solve any uncertainty you might have about money. The idea is that if both parties know exactly where they’d stand in the event of a separation, a major source of anxiety and tension may be eliminated.
That doesn’t mean a financial agreement will magically turn an unhappy relationship into a happy one. But it can be an important step in resolving angst about money and restoring love and trust.
What are some other ways to improve a relationship?
Besides signing a financial agreement, someone might want to consider taking other measures to save their relationship. These may include:
- Identifying the reason for your unhappiness
- Communicating your feelings to your spouse
- Getting professional help
Family lawyers will be able to help with a referral to skilful counsellors and relationship therapists, to talk any of these issues through.
Every couple starts out happy. But somewhere along the line, relationships can deteriorate. You might be experiencing an unhappy relationship. The good news is that if you and your spouse are prepared to take positive action – such as considering a financial agreement – you might be able to turn things around.
We Can Help
BGM Family Lawyers is a trusted and longstanding Gold Coast family law firm. Our experienced Family Lawyers can help you draw up a financial agreement before or during a marriage. We can also help you manage a financial separation if you decide to divorce.
Send us a message or call us on 1300 246 529 for immediate legal advice and assistance.
