You may not like thinking about your marriage this way, but if you live in a community property state, your husband, by definition, is also your business partner. The business you are building together is called marriage.
The community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. In these states, whatever one of you is doing financially, whether your partner knows about it or not, you are doing it too. If you spend irresponsibly, your husband suffers. If he spends or invests irresponsibly, you suffer. There’s nothing complicated about it.
People don’t like to think about their marriage as having a business component. It’s called marital finances – MONEY –how much comes in, how much goes out, what it’s spent on and how much is saved. Money, this ‘thing’ we think will take care of itself if only we love each other enough, is a huge factor in breaking up marriages.
There’s no romance or illusion involved in running a business together. But there is transparency, another word for financial intimacy. It means all the finances are transparent for both partners. Financial information is shared, discussed and agreed upon. Neither partner commits the other before consulting with them.
Would you hide purchases from a business partner? Would you commit to investments your partner didn’t know about? Would you spend needed capital on something you couldn’t resist and then try to justify it?
People don’t have a double standard when it comes to building a business together. A marriage is a business with a partner you love. But love is never enough to make a business flourish. So pay attention to the marital finances part of your marriage. It’s just as important as the love you share.