Thursday, 16 February 2012 13:46
Since money issues are a leading cause of divorce, it makes sense to make sure you and your partner are on the same page when it comes to finances. This is especially true of engaged couples.
Why is it important to talk about money before getting married?
- The number one issue most couples cite for conflict in the marriage comes down to money and spending.
- Money issues can cause stress on the marriage for many years.
- Sometimes each person’s goals for money can be completely different than their partner’s.
What should you know about your partner?
- What is considered a large purchase? Is it $50 or $500?
- How much debt or savings do they already have?
- Do you both have common goals for the future (cars, house, vacations, kids, working, etc)?
What should you do before or even after you are married?
- Understand each other’s relationship with money; are they a free spender or frugal?
- Talk about all money decisions that are over an agreed upon amount.
- Decide if you want separate accounts or joint accounts. Find what works for your relationship.
What if you or your partner have preexisting money issues?
- Discuss what the issues are and whether you/they are willing to help.
- Create a strategy for reducing debt.
- It may not be the most romantic thing but determine if the wedding should be put on hold until finances are worked out.
What if you aren’t or can’t seem to get on the same page?
- Approach the issue like you would any other problem in the relationship with respect and patience.
- Start small and work up to the bigger issues.
- Attend a financial seminar/workshop together or possibly outside consultation.