photo credit: Logan Cyrus

It is always a shame to see a good marriage end in divorce because of financial disagreements. A couple’s personal finances is a very big part of their life together, and it is something to be taken seriously. Love and compatibility isn’t going to pay the bills!

With that being said, if your husband or wife is irresponsible with money you shouldn’t have to be punished for their carelessness. There is no reason that you should have to go through debt relief counseling because of what they were spending their money on. There are ways to monitor your spouse’s financial transactions to protect against them getting both of you in a deep financial hole. If you have a significant other who is irresponsible with money, here are 4 tips for protecting yourself from your spouse’s irresponsible spending habits.

1. Talk to your spouse about the current financial situation.
First and foremost, communication is necessary to make a relationship work. This is especially evident when it comes to the financial aspect of a marriage. Rules and guidelines need to be set to make sure you two have enough money to pay all of your bills and live comfortably. If your husband or wife is starting to spend money irresponsibly, nipping it in the bud at the beginning is the best course of action. Sit down with them and explain that their careless spending is hurting the couple’s financial standing. Hopefully they can scale back their spending and maybe even help you create a budget.

2. Keep the majority of your money in separate accounts.
In the unfortunate event that sitting them down and talking to them doesn’t work, your next step should be putting the majority of your money into a separate account. Obviously, you are going to need to share an account for your bills and joint monthly expenses. However, the last thing your spouse needs is the “safety net” of your money at his or her disposal. If they ask why you did this, explain to them that you tried to reason with them about your finances and it didn’t work.

3. Get free credit reports for yourself and your significant other.
I strongly suggest getting free credit reports for yourself and your husband or wife periodically. This way, you can catch any strange activity as far as opening new credit card accounts, etc. By getting free credit reports and looking over monthly credit card and bank statements, you are positioning yourself to be aware of any wrong doing or careless spending.

4. Find out how you can protect yourself from your spouse’s financial problems.
Talk to a divorce lawyer, debt consolidation specialist or friends and family who have been in the same situation about how to handle financial problems like this. The more information you get, the more equipped you will be to make good decisions. A divorce lawyer will give you legal ways to protect your finances and assets. A debt consolidation specialist will consult you on how your husband or wife can get back on track. Your friends and family will ultimately tell you the truth and if this problem can possibly jeopardize the relationship.