Some of you may be getting ready to walk down the aisle (or already have!) If you are, congratulations!
However, in this day and age, there are some scary divorce statistics out there. While there are many reasons why marriages fail, money is a contributing factor -- if you and your spouse aren't compatible money-wise, the added stress could possibly contribute to the decision to separate.
So what's the solution? You may not be able to prevent a divorce if you have several contributing factors. However, before you tie the knot, you can have "The Talk." No, not the birds-and-the-bees talk, or the where-is-this-headed talk . . . The Money Talk.
Discuss with your future spouse a few key points regarding money management, and put it all out on the table. This way, you'll be more prepared to deal with problems down the road, or can agree on steps to head off a disastrous disagreement. If you take money arguments out of the equation, that's one more step closer to domestic bliss! Thanks to NYTimes.com!
How did your parents handle money? Did your mom spend money without telling dad? Did your dad gamble a lot? Were there money fights in your household? The article points out that money behaviors are often learned, so knowing your spouses financial education background can be crucial.
It's important to be completely open and honest about your credit score when you're heading down the aisle. Bad credit scores can obviously hurt your chances of getting a good rate on a mortgage or an auto loan -- if you can get one at all. Being up front about your credit history will help you figure out a plan together, rather than having to deal with the aftermath.
Who's going to be paying the bills? Will you maintain separate accounts? Does the person who makes more money get to have more control over where it goes? It may sound archaic, but these questions will come up at some point, and having the discussion before you combine your lives can save fights and headaches down the road. Money = control, in some people's minds, and couples shouldn't avoid the issue.
Try to come to an agreement as to where you want to be financially down the road. Do you want to rake in the dough, working long hours to make it happen? Or are you comfortable making less money, but having more time with your family? Will one or both of you work? Again, working out these big questions can save you many disagreements later on in the marriage.
So ask your hunnybunz these questions before your big day. Even if you don't TOTALLY agree on everything right away, knowing where your partner stands in the financial world will make everything much easier during your (hopefully) long and happy union!