Financial ambiguity - the 'killer' of marriage

When you agree to marry someone, you not only share your life with them but also take responsibility for financial matters.Every financial decision one makes will affect the other.

Of course, there is no magic formula for a successful marriage. But many couples have had long and happy lives together thanks to their clear financial plans.

Be open about your finances with your partner.

As soon as they get married, couples should disclose all of their credit accounts. This includes paychecks, debit cards, loans, and anything else that could affect the financial future of both spouses.

“They should sit down and have a very open and honest discussion about their money and what they have,” said Pam Horack, CFO of Pathfinder.

Talk about money often

Couples should agree on how to open bank accounts, who pays the bills, and how they spend their money. They should be open about it. “They need to know what their partner is spending money on,” Horack says.

Happy marriages are built on a solid financial foundation. (Illustration)

“Be open and honest with each other. Whether you disagree or not, it’s important to listen to each other’s opinions, which will help you see both sides of the issue. So be patient and listen to your partner’s opinions,” advises financial expert Katie Burke.

Save for the big things

“When you are single you can spend as much money as you want, but when you are married, all your spending decisions must be in line with your common goals as a couple,” says financial planning expert Pamela Capalad.

Do you and your spouse want to buy a house? Save for children or retirement? Happy couples tend to have common goals and work together to achieve them.

Shared responsibility

Whether or not you open a joint account, common expenses such as rent or mortgage, appliances, retirement savings, and bills are the responsibility of both spouses. Happy couples do not divide responsibilities and work together to solve family financial problems.

Don't judge each other

“Everyone has their own needs, so you need to respect your partner’s decisions. This includes respecting your partner’s spending habits, even if they are different from yours. Practice empathy for them even if they spend money on something you don’t like,” financial expert Capalad advises.

Spend below your means

You have enough money to buy a house worth 2 billion, but this does not mean that a house worth 2 billion is the right choice for your family. When you spend all your money to buy a house, you will lack money for other activities such as traveling, money for your children to go to school or money for retirement.

“Try to spend as little as possible,” Horack advises.

Prenuptial agreement

For those who are getting married, it is a good idea to have a prenuptial agreement. It does not have to spell out who owns the house after the divorce, but it should at least have some provisions for dividing up assets.

If you are hesitant about a prenuptial agreement, you can negotiate a post-wedding property agreement, where you and your spouse sign a post-marital property agreement. This agreement is similar to a prenuptial agreement but allows you and your spouse to discuss it openly, without the pressure of a wedding.

comfortable with each other

Financial issues will cause stress for both spouses at some point. Money can be the cause of arguments between spouses, but happy couples do not let money ruin their relationship. Money is not the goal when they get married, but rather a means to achieve other goals.

“Always remind yourself what your original purpose of getting married was, then money will no longer be the most important issue,” Capalad said.

According to giadinh.net