Posts Tagged ‘money’

How Do You Think About Money?

yankee-dollar-1239438-640x221One issue that comes up in every marriage and every divorce is money. How to make it? How much to make? How to spend it? How much to spend? What to sacrifice in order to get money and what is not worth sacrificing for more money? The different ways that spouses answer these questions in their own heads often reveal themselves in arguments, marriage counseling or, in a worst-case scenario,  a divorce negotiation. Unfortunately, we are not very good at seeing, understanding, or talking about our own individual views of money. So, we don’t talk about it with our spouse, or, we only talk about it in the form of a fight. Rather than wait until a fight or a divorce, you can get an insight into your views about money now, and start a conversation with your spouse about it while you’re both calm and nobody is worked up. The best quick tool that I know of to help you understand your (and your spouse’s) views about money are the Klontz Money Script Inventory and the Klontz Money Behavior Inventory. These were developed by two psychologists that are also Certified Financial Planners. The inventory is designed to help you gain insight into how you think about money. If you and your spouse both take it then you can see some areas where you think and behave differently regarding money. You can read more about it and what your results may mean as well. There is no panacea for having different views of money. But, knowing how you differ as spouses is a huge first step to managing your differing views and not letting those differences negatively impact your marriage. In a worst case scenario, taking these inventories in the early stages of your divorce process will help you and your attorney understand how you approach money issues. That, in turn, allows you to find a divorce solution that better fits your money values in terms of property division, alimony and child support. There is no downside (that I can think of) to understanding more about how you as an individual and your spouse think about money.  And, the upside is that it can head off unnecessary arguments, maybe save your marriage, and, at the very least, help you have a better divorce outcome.

Why Arguing is So Expensive in Divorce

In divorce, time is money.  Most divorce attorneys charge by 6 minute increments.  That means that you are going to pay anywhere from $2.50 to $7.50 or more per minute for your divorce attorney’s work. Legal BillI would be greatly concerned about using my attorney efficiently.  I would want more money going into my pocket, my kids’ college, or my retirement than to attorneys. To be sure, skimping on an attorney for a divorce is not a good idea.  That can lead to very expensive mistakes. But, paying more than necessary for your attorney can be avoided. In my experience, the number one factor in the legal fees in a divorce is not the hourly rate of an attorney.  Rather, it is the amount of time that a client pays an attorney to do things other than help resolve their case.