How to Safeguard Your Savings from a Financially Irresponsible Spouse

In an ideal marriage, you can trust your spouse completely. You know your spouse will be faithful, financially responsible, and a helpmate. However, not all relationships are that way. Financial issues plague many marriages and are one of the main reasons for divorce. Whether your spouse has trouble controlling his spending or commits financial infidelity, learning how to safeguard your savings from a financially irresponsible spouse may be necessary. In the worst-case scenario, your only option may be divorce, but there are steps you can take before that to try to remedy the situation.

Why Is Your Spouse Financially Irresponsible?

A spouse may be financially irresponsible for many reasons. Maybe she never learned how to manage her money. Perhaps he was financially responsible, but an emotional or mental issue triggered financial irresponsibility. Perhaps she has a gambling, drug, or alcohol addiction.

Rather than yelling at your spouse, try to learn why he is financially irresponsible. A good counselor could help get to the root of the issue and help your spouse learn to be more financially responsible. The counselor can also help you learn to communicate about and handle money management together.

How to Safeguard Your Savings from a Financially Irresponsible Spouse

Counseling isn’t the only step you should take. Resolving financial irresponsibility may take years. In the meantime, take these steps to safeguard your savings from a financially irresponsible spouse:

Set Up a P.O. Box for Your Mail

If you don’t trust your spouse financially, set up a post office box for your mail that she doesn’t know about. A spouse who isn’t financially trustworthy may stoop as low as to open your mail and even apply for credit in your name, especially if the spouse’s credit is ruined. When you open a P.O. box, you not reduce temptation for your spouse and protect yourself.

Keep Separate Finances

Just as you want to keep your mail separate, you’ll also want to keep your finances separate. You should have an account your spouse cannot access—deposit your paycheck here. Also, consider sending letters to your credit card companies asking that your name be removed from the account.

However, unfortunately, if you live in a community-property state, any debt your spouse acquires, even if it is in his name only, will also be your debt.

Open A Roth IRA in Your Name

Having a spouse deplete your bank account is devastating. You may need to spend years improving your financial situation. As soon as you know there is financial infidelity or distrust, set up your own Roth IRA, if you haven’t already. Then, have money automatically deposited in the account from your paycheck. Your spouse will not have access to this account, and you will at least have some money saved for retirement.

Freeze Your Credit

When you freeze your credit, no one can open credit in your name. This is one extra step you can take to ensure your spouse cannot open credit in your name without your knowledge.

Final Thoughts

You can safeguard your savings from a financially irresponsible spouse while your spouse gets counseling. However, living like this is not meant for the long term. If you can’t trust your spouse financially and your spouse is not willing to change, you may have no choice but to seek a divorce for your financial well-being.

Read More

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