It’s easy to brush off money issues before a marriage and agree to address them after the big day. But with so many plans being made prior to the wedding, it’s probably wise to consider how those plans will figure in to your financial future.
The threat of money issues to any marriage should not be underestimated. According to Divorce.com, financial concerns are among the most commonly cited reasons for marital failure. And high salaries doesn’t mean couples are immune to these concerns — budgeting, spending, investments and other issues can erode the foundation of any marriage.
The key, it seems, is taking a proactive approach to addressing these concerns. For instance, many experts stress the importance of discussing money matters before marriage in order to alleviate potential financial stressors during the union. To that end, there are several things that the soon-to-be married can do to improve their situation.
First, experts recommend checking one another’s credit reports. This will allow you to see where you stand financially and whether there is any credit repair work to be done. You can also work out a plan with your future spouse about managing these debts further down the road.
Experts advise that discussions about finances prior to the marriage can also enable you to determine which one of you has stronger money management skills. Taking advantage of one another’s strengths will improve money matters throughout the course of the marriage.
At the same time, though, experts advise couples to be aware of the potential liabilities and bad habits that each person carries. For example, if one partner has a tendency to charge too many purchases to their credit card, that’s a potential weakness that needs to be addressed.
Interestingly, experts also indicate that couples should attempt to forecast their financial future in terms of their long-term goals and what matters most. Whether that’s saving for their child’s college education, buying a vacation home, or investing heavily, these goals need to be understood by both parties.
Finally, experts recommend that couples about to walk down the aisle review one another’s tax records to make sure they’re both up-to-date on tax payments.
By setting aside time for these few steps, you could be helping yourself avoid significant conflicts down the road.
Stay tuned for more from our Ft. Worth family law blog …
To learn more about prenuptial agreements or dissolution of marriage, contact an experienced and skilled legal professional.
This post is for informational purposes only and is not to be construed as legal or financial advice.
Source:
Fox Business, “Six money management tips before you marry,” Rachael Hartman, Sept. 11, 2012
