Some couples, especially those who are staying together, might encounter financial problems. It might sound like petty problems that can be overlooked, but it could turn out bad if it is left unspoken for too long and it is one of the popular causes of divorce. This article will introduce ways to avoid financial problems that could bring destruction to one’s family. Let us take a look at the causes.

1. No discussion on financial management and planning

It might sound impossible to be true, but may couples share experiences and discuss everything except the money problem due to their own reasons. However, leaving it unspoken, they are unable to make financial planning for their couple's life as how it should be. The money talks that they should have are such as financial goal, expense planning, short-term, middle-term, and long-term saving plan as well as future planning.

Financial planning for the future is a big deal that should be brought up the moment marriage life starts. For example, a long-term financial plan could differ from people to people. Some couples might plan to have children in the next 5 years or buy a house in the next 3 years. This totally depends on their desire, but the plan that everybody needs to have is a retirement plan. This amount of money will have to be separated from emergency reserves and other long-term funds. It can be started from saving 20% of monthly income every month and save in the deposit account or invest in funds, stocks, or other investment according to knowledge and acceptable risks to allow this amount of money to increase and lead to “happy retirement” and sense of security of the couple. This is to ensure that when something unexpected happens, both will be able to survive without hardship.

2.Individual debts and debts of the family members (both parties) as well as the guarantee for others

When one party in a couple has debt, but another without debt, does not matter if it is an auto loan, house loan, or even loan shark of the individual or family members as well as guarantee for others and other types of transaction, there will be a question of who should bear the responsibility to return and whether the other party has to help in returning the money or not. The best solution is to have a good talk and come to an agreement from the very start. Do not leave the issue hanging, waiting for the eruption to happen, especially when there is a registration for the marriage certificate, individual debt will have to be paid using personal property first. If personal property is not sufficient, marriage property will then be used. As for marital debt, the creditor has the right to force payment from marriage property. If marriage property is not sufficient, creditors can ask both parties to use their personal property to pay. Therefore, couples should make it clear before the issue of debts has gone big and destroys the family.

3. Pathological gambling of individual and family members

Most people still fond of pathological gambling as a smaller problem than drug addiction and some people think that it is just trying one’s luck for excitement. However, in many cases, it could lead to addiction. One could gamble more frequently, place more bet, and is unable to quit gambling till it ruins the economy, finance, time, study efficacy and work, relationship with others as well as physical and mental health like anxiety and stress. Despite making up to a small section, gambling addicts could affect family members, relatives, and close friends which leads to bigger damage than one could think of.

Normally, people might gamble because they like the excitement they feel when taking risks or beating of their heart when they want to win the game while some gamble to lift up their mood or escape from cruel reality. As for the causes of addiction, nowadays, it is considered a mental disorder**. According to the research, it is found that the brain of the addict functions differently from general people. For example, there is a defect in self-control. Besides, a neurotransmitter called Serotonin might be unbalanced in addicts. If there are any family members found to experience compulsive gambling, they should see the doctor.

** Reference from Faculty of Medicine, Chulalongkorn University

Therefore, a couple should be aware of each other and family members’ financial activities, know if there is any abnormality, and sort out financial issues clearly. So, if there are any problems that happened, they can be solved in time and a financial plan for the future of the couple can be done. As simple as this and a couple’s life will last long like the saying, “May you live happily ever after.”

Nipapan Poonsathianrasap  CFP®, ACC

Independent Financial Advisor, Writer, and Lecturer.