Money
is one of the main causes of marital conflict and divorce. Each person enters a marriage with their own
financial personality and spending habits.
In order of any marriage to survive, it is important that the couple
have similar financial habits and goals. Because they are embarrassed by past
credit mistakes or fear being judged by their future spouse, some people try to
avoid addressing money issues. However, if money issues are not dealt with early
on, the marriage is headed for a rocky road. So, how do you address money
before marriage?
*Find a comfortable
place
There
is no easy way to bring up finances. One
simply has to begin. Remember this is
the person that you love and that you are planning to marry. So, relax. Find a quiet place that is free from distractions.
This discussion should also be at a time when you are both relaxed. It should
not be done immediately after work when you are both exhausted. Nor should this
conversation be had at the dinner table. Pick a good time and a noise free
place.
*Premeditated financial
questions
Have
some financial questions already in mind that you would like to ask when you
begin your conversation. Start with
something simple and work from there.
Some important financial questions are:
·
Are children in our plans?
This
may not seem like a financial question, but it is one that will have a major
financial impact. If you do plan to have
children, will one of you stay at home or will both of you work? How will you afford daycare or other
financial obligations that having children will bring?
·
What are our financial goals? You will
need to know what you are working toward as a couple. Will the two of you be
purchasing a home? If so, how much will it cost and how will it factor into
your budget?
·
Do you use a budget? If your fiancée is
not good with money now, their spending habits will adversely affect your
finances. You will need to rewrite
budgets to include each other’s expenses.
·
Who will pay the bills? Is one of you better at money than the other
one? If so, will this be the one to pay
all the bills or will you keep separate accounts?
Other
financial questions can be discussed, but be sure that these are discussed.
*Be prepared for
disagreements
Although
most newly engaged couples want things to always run smoothly, there will be
disagreements. Be prepared to disagree
about money. One conversation will not
be enough. You must be prepared to have
several conversations over time about money.
And, be sure to come to an agreement on key financial issues.
*Issues to discuss
Some
important financial issues to discuss include credit card debt and student
loans. If one of you has a large amount
of credit card debt or past due student loans, this must be disclosed. Old student loans can lead to wage
garnishments and confiscated tax refunds.
Large credit card debt can result in a negative credit rating.
You
should each be honest about your incomes.
Your combined incomes will change your tax rate. So, be truthful about
your earnings. Also, discuss any saving
accounts that you may have. Beneficiaries may need to be changed once you are
married.
Money
issues can ruin a marriage. Some financial issues can be avoided by simply discussing
them before the wedding. An engaged couple needs to sit down before any wedding
plans are made and have a candid conversation about their financial situations.
Any credit card debt, student loans, and other debts that may be looming over
the marriage must be discussed. As a
couple, you should also decide who will control the finances and identify what
your financial goals are. There is no magic trick to keeping a marriage happy.
However, discussing money matters before marriage can help to prevent financial
woes.
http://www.ehow.com/how_4586338_discuss-finances-before-marriage.html
No comments:
Post a Comment