Financial conflict among married couples is quite common in today’s society. In fact, money and financial conflict are the primary factors that lead to a divorce.

Couples should make monetary issues clear before marriage. Even if you have decided upon a prenuptial agreement, there is no guarantee that you will be free from financial conflicts.

But is the lack of money the only reason for financial conflicts? Well not really.

Even high-net-worth couples are not free from this problem. A high-net-worth individual earns an income of more than RM180,000 per annum or collectively has RM3 million worth in assets. Most divorce lawyers would say that rich couples always have their own set of problems.

However, financial conflicts can be overcome if both parties are willing to work things out. Let’s look into some of the ways in which financial conflicts can be minimised for high-net-worth couples:

Having open communication: 

Communication is the foundation of every relationship. You should be open to the person you are willing to spend the rest of your life with. Once both of you are clear with each other’s views, it will become a lot easier to tackle financial conflicts and reach a compromise.

Simply yelling your points across won’t solve anything; instead, set up a time and date to talk about finances. Give your partner room to express their concerns without interjecting. Additionally, write down your pain points and things you would want to discuss with your partner before the financial discussion to make things more clear and more organised. Having a serious discussion like finances done strategically can prevent heated arguments.

Change your attitude towards money:

If talking about money gives you negative feelings, try to find out the root cause. Could it be your past that is controlling your reaction towards money? For instance, it might be because of something you learned as a child. Once you free yourself from all that negative energy, you will be able to make better and wiser financial decisions and solve any financial conflict in your marriage.

Learn your partner’s spending habits:

It is crucial to know your partner’s spending habits. Try to learn their reaction and attitude towards money. Put yourself in their shoes and try to understand him or them instead of criticising them.

Your partner might be investing in new businesses while you think of it as overspending. Don’t assume the outcome, clarify and communicate. It might be a great prospect which is going to give high returns in the near future.

Keep personal expenses separate:

Everyone has their own personal expenses, and your partner may not want to share everything about their personal expenses. Keeping them separate will help you avoid financial conflict. With personal budgets, both of you can spend on whatever you want and wherever you want.

But try to stick with a limit when spending and in case of important financial decisions don’t forget to get the consent of your better half.

Qualified financial professionals:

If all else fails, potentially the best way of how you can overcome financial problems in your family is to involve an e third party. Take advice from trained professionals such as your financial planner or an accountant. They can help figure out better financial plans for you.

Moreover, with the involvement of a third person, you will get an unbiased opinion. It will help you to make informed decisions instead of being influenced by emotions.