Polls consistently show that one of the main reasons that relationships go bad are disagreements over money. Families and business partners alike will not always agree about all financial matters, but it is how they handle the situation that counts.
Communication is the key, according to many experts. Significant money decisions should always be discussed and brought out in the open before being acted upon by either party. Married couples should set ground rules that they both will agree to for certain monetary purchases.
Whenever someone is in business with a partner, it’s important to have some sort of agreement in place about how to handle money matters. For example, in a partnership agreement, a provision is often included that gives guidance on how to handle monetary disputes. The same rules can be applied for family members that are in business together.
Whether it is with business or in their personal lives, it is always good for people to get outside help, such as an accountant or financial planner to assist with money matters. They do not have an emotional interest in the outcome and can provide valuable feedback to the parties involved.
