Battle of the Spouses: Financial Edition

Studies show that disagreeing over money is one of the top reasons for divorce. Is it possible for couples to prevent finances from deteriorating their relationship, and instead embrace the topic of money in a healthier and more productive way? This episode of Couchside Conversations is from Morton Wealth’s 2023 Investor Symposium. Wealth Advisor Beau Wirick and his wife, Daniela Wirick, who is a relationship coach, share their story and emphasize the importance of working with your partner to create a financial plan that respects both of your core needs and dreams. They start by introducing the Gottman Institute’s methodology, which can accurately predict the longevity of a relationship based on observable behaviors like criticism, contempt, defensiveness, and stonewalling. It is important to be aware of these unproductive communication styles when resolving a disagreement with your partner. Daniela suggests using “compromise ovals,” which may help couples map out their non-negotiable needs, areas they can be flexible in and overlapping goals. Beau and Daniela also recommend couples to delve into the “why” behind each other’s viewpoints to further understand and settle financial conflicts. Stay tuned for more Couchside Conversations episodes! We have topics coming up like… - Parenting Tips for Financially Savvy Kids - Protecting Your Family Using Insurance- Owning a Home/Investment Property