Sharing All Financial Decisions Could Make for a Happier Marriage

 Posted on November 07, 2014 in High Asset Divorce

A recent survey suggests that couples who share financial decisions are happier than couples where only one partner handles all money matters. Sharing those financial decisions also makes it more difficult for one spouse to hide money from the other, which often helps with negotiations during high-asset divorces.

The survey involved just over 2,500 participants who were either married or in long-term relationships, and were also classified as "high-net worth investors." The survey revealed that although the majority of the couples said they shared financial decisions with their partner, the responsibilities appeared to be gender specific, especially when it came to making decisions on investing. While women in high-asset marriages were equally involved in the day-to-day decisions, they were often not actively involved in the investing decisions. Those decisions tend to be made strictly by the men, even for younger couples.

Answers to the survey also revealed that women and men approach investing with a different attitude. Men are more willing to take risks than women and invest with a more aggressive focus. Women are more conservative, unwilling to take those risks with family income. In almost half of the participants, the man was the one in charge of financial decisions and in-charge of the couple's investment portfolio. Investment risk-taking was one area that caused much disagreement between couples.

Only 25 percent of the couples shared all financial decisions equally. In 16 percent of the couples, it was the woman who had final say in all financial decisions, including investments. Couples who equally shared decisions expressed the most satisfaction in their financial situation and marriage.

Financial and legal advisers point out that women who are in marriage where they are limited in financial decisions can be financially handicapped later on if circumstances leave them in charge of their own finances, such as the disability or death of their spouse or high-asset divorce.

If you are considering a divorce where there will be high asset issues, it is critical to contact an aggressive Round Rock complex divorce attorney to begin planning and strategizing to ensure you receive all that you are entitled to in your divorce settlement. Protecting your assets is essential. Call us today at 512-610-6199.