7 steps to stop an overspending spouse
My wife is spending us into bankruptcy. I need a legal means to separate our credit without having to divorce her.
I am glad to hear you say you would like to avoid divorce, because, if you don't like overspending, you are going to hate divorce! Adding a divorce to a financial problem is similar to adding gasoline to a fire. It tends to make things much hotter for both parties involved -- very rarely better.
I do have a question for you before we move forward with the next part of your question. Have you sat down and spoken with your wife about how much she is spending and what it is doing to your shared financial situation? If the answer is no, give it a try.
I mention sitting down, because I can still recall my dad waving
bills in the air while standing in front of the heap of papers he
kept on the dining room table and admonishing each of us as we walked
into and out of the room about our unbridled spending. It was not
as effective as he would have liked. So, as a starting point, sit
down together. My experience tells me that if you aren't in sync
on spending, poor communication may be at the root of the problem.
Below are some suggestions to be used in conjunction with a sit-down with the wife that may help address your financial concerns.
||7 steps to protect yourself from an overspending spouse:
Now that you feel more protected from your spouse's
spending, you will need to begin to think about how you and your
spouse can stay married and not have money come between you. Try
to set some joint financial
goals and agree on how you will reach them. Sometimes having
an appealing goal will help a spender rein in the spending and save
for the goal.
If your wife loves and respects you more than she does her plastic,
this should all work out.
The Debt Adviser, Steve Bucci, is the president
of Money Management International Financial Education Foundation
and the author of "Credit
Repair Kit for Dummies." Visit MMI
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