Marriage and Finances
Marriage is the coming together of two lives and two separate financial histories and situations. And while your financial history may continue to influence your finances now, you’ll also be contending with a lifetime of new money-related experiences and decisions together. The key to success is preparing yourself and your spouse to handle the unexpected, while also learning to communicate with each other about financial matters.
Talk About Finances
Financial problems are a factor contributing to divorces. To help prevent marital finances from putting a strain on your relationship, get to know each other’s financial histories, strengths, goals and challenges. Discuss your experiences with money, saving and credit. Ask about your partner’s financial history and what he or she expects when it comes to marital finances and financial planning.
Before you tie the knot, it can be useful to meet with a qualified, objective financial planner. A financial planner can help you develop financial goals as a couple and create a shared budget. This is also an excellent way to ensure you are in agreement about important financial topics.
This content has been provided by Practical Money Skills and is intended to serve as a general guideline and may not apply to every individual situation.