By Michelle Fox - CNBC + Acorns
Arguments over money can ruin personal relationships.
There is no doubt that families will not always agree on all financial matters.
But the important thing is how the situation is handled.
"Money is an emotional issue," explains George James, therapist and chief innovation officer for the nonprofit Council for Relationships.
"Try to have open communication about money," he recommends, "don't make it something nobody talks about."
In the case of Derek and Jocelyn Porter, owners of a Philadelphia-based children's entertainment business called D&J Costumes, a disagreement over the purchase of a new $ 60,000 car brought them to a standstill.
Whenever someone has a business with a partner, it is important to have some kind of agreement on how to handle money matters, specialists recommend.
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Jocelyn Porter, who appeared on CNBC's Money Court program with her husband, wanted to buy a new Mercedes to replace her old car, which had transmission problems.
"I've had my Mercedes E350 for five years," said Jocelyn Porter, "it adds a touch of class and quality to my business."
But her husband preferred a cheaper car, as his company was affected by the COVID-19 pandemic.
"I come from humble origins," he said, "I was in a homeless shelter."
"We tried hard, we didn't have much," he added, "I'm attentive to every penny that is spent."
It makes sense that Derek Porter is hesitant to spend a lot of money, said James, who also understands that someone who works hard, like his wife, wants to indulge in something good.
"This couple really has to talk about the 'whys.' Why do I want to do it and why don't I want to?
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O'Shares ETFs chairman Kevin O'Leary, who chairs
Money Court
, decided the couple should rent a new Mercedes with the same monthly fees they currently pay for the old car.
In this way, any repair costs would be covered by the dealer.
Reach an agreement
Whenever someone has a business with a partner, it is important to reach an agreement on how to handle money matters, said attorney Katie Phang, who discusses the cases with O'Leary at
Money Court
alongside former Judge Ada Pozo.
"In a partnership agreement, there is usually a provision that gives guidance on how to actually settle these kinds of disagreements," he added.
"In a 50/50 [society], by definition someone has to be the tiebreaker in these cases," he said.
This applies even to family members: "Many couples want to think that nothing will go wrong or that they will always be able to work together, but having something established to come back to is really helpful."
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Personal topics
In both business and personal life, it's good for couples to get outside advice, from an accountant, business advisor or lawyer, James said.
They should also talk about what they learned about money growing up and what they think about it today, he added.
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"If we don't talk about what we think about money, at some point it will come up as a problem and it could be a pretty big problem," he said.
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And it doesn't matter if you don't have much money or not
"I've seen couples who are wealthy and couples who have financial problems and both can have arguments about money," James said, "their ability to hear, support and listen to each other really makes a difference."
This article is part of the
Invest in You Ready series.
Set.
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(Invest in you: Ready. Done. Grow), an initiative of CNBC and Acorns, the microinvestment app.
NBC Universal and Comcast Ventures are Acorns investors.