What is your money personality?
Most of us have heard that money is often the catalyst to a couple’s separation and divorce. Many of us have a difficult time keeping our relationships even keel when it comes to money.
In one of my newsletter, reference was made to a quiz on money personalities. The author’s point was that we often don’t realize that we all have different money personalities, different abilities with respect to saving money and different thresholds with respect to handling debt. It is worth spending the time to make sure you are in tune with your personal money characteristics before making financial decisions in your separation and divorce. Decisions about retaining property is not just a simple one about dividing things fairly; you must also be able to decide if the cost of retaining these assets meets your comfort level for the debt load possibly required to do so (e.g. matrimonial home or recreational property). You must also be able to decide if the investments that you are contemplating retaining meet your desired level of saving and risk tolerance and if not, what steps must you take going forward? Finally, in separation and divorce negotiations, stay focused on your money personality and the decisions you must make. Though money can often be an emotional topic, especially in divorce, do your best to leave the emotion out of the decision making during this process or you may find that you end up retaining property for all of the wrong reasons.
Do you know what your money personality is? Click here to request your free money personality quiz!