Money and Marriage Issues
I think we've all experience money problems at some point or another but when they are a source of strain in your marriage you really feel the heat.
by PaulaH
Money problems are one of the leading cited reasons for divorce today. However, before getting married, if you take the time to discuss financial matters, many of the issues encountered with a marriage can be avoided. Once you are married, it is important to be open and honest with each other at all times about matters of finance. It is better to deal with issues straight on than allowing them to fester until there is resentment or worse yet to hide financial problems until they become so great that they negatively impact your life. So, discuss your money issues before marriage and continue those discussions throughout.
Discussion and honesty are important with money and marriage. Disclose everything you can about your finances and do so honestly. This includes your credit history, salary, past issues, debt and spending habits. Also, discuss your goals and dreams for the future where there is a financial impact. Do you dream of owning a large home, sending the kids to college or retiring early? Those are important discussion items.
Keep in mind that marriage is a partnership and should be treated as such. Do not get into marriage with the idea that just because one of you makes more money that it means financial decisions are weighted in their favor. It is rare that both parties in a marriage make equal amounts of money. This does not mean one of you is smarter, more financially savvy or more worthy. Instead, you should consider the finances as a whole and work out common goals and strategies based on the joint financial picture. You should both have financial responsibilities as well as benefits.
Decide early on how much you want to combine your incomes. It used to be a common practice for married couples to have joint accounts. Nowadays it is more prevalent for both parties to maintain separate bank accounts. One of the best options for dealing with this is a best of both worlds solution. That is to agree on a household percentage that goes into a joint account. This is used to pay bills and take care of joint expenses. However, the remainder of each income is placed in a separate account for individual spending.
Money and marriage issues seem to go hand in hand. However, discussing these things openly and honestly and setting goals is a great way to minimize conflict. Make sure you determine your financial goals before getting married and have regular financial discussions to ensure bills are being paid, individual needs are taken care of and long term goals are being addressed.