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Careful financial planning can take the strain off LGBT+ couples

On Behalf of | Jul 4, 2020 | LGBTQ+ Law

Money issues are among the leading causes of divorce in the United States, and LGBT+ couples are not exempt from financial pressures damaging their relationship. There are many forms that money problems can take in a relationship.

For example, maybe one spouse is a compulsive spender or a habitual gambler whose actions diminish the household resources and frustrate their partner. It’s also possible that one spouse could engage in financial infidelity by hiding income, purchases or debt from their spouse either in an attempt to avoid an argument, over spending or to retain assets and income for their personal use.

Discussing finances with your partner, planning carefully for your budget and perhaps going through marital counseling can all play a role in keeping financial pressure from impacting your marriage.

Plan for everything from taxes to retirement

As an LGBT+ family, you and your spouse might have different financial obligations and concerns than other families. For example, you could have two incomes and no children, which means that you have plenty of disposable income to invest and pay taxes on. You might share children, which means you have to worry about their guardianship and financial care if something happens to you.

You could also have special wishes and preferences for your retirement or standard of living later in life. You need to discuss your wishes and your plans so that you’re both on the same page. In cases where you are in disagreement or where you discover your spouse has hidden accounts or debts from you, marital counseling can be a good way to work through those financial issues.

A neutral third party can help you work things out

Disagreements about money, disappointment in how your partner spends or concern about your future financial solvency can all put a lot of pressure on your marriage.

Having a safe space where you can have a facilitated conversation can help you work through your issues, find common ground and begin planning for a better financial future together. Couples counseling can be useful in a wide variety of circumstances, including scenarios that involve financial infidelity or compulsive spending behaviors that concern one spouse.