Marriage season is starting and before you know it calendars will be filled with bachelor parties, wedding showers, and receptions. As couples join their lives and bank accounts together, there might be points of conflict. According to study by a professor at Utah State University, there’s a correlation between the number of money fights a couple has and their chances of divorce. Avoiding fights about money is a good idea but not an easy one. Having a plan for your finances as a couple can help you avoid money struggles as newlyweds.
Meeting with a financial planner can help you set out a plan as a couple to combine your accounts, your financial goals, and your expenses in the way that works best for you. Couples who establish financial plans and communicate well about money often start off marriage on a better foot than couples who jump in without a plan.
Before you meet with a financial advisor, there are some things couples should talk about first together:
- How your family history with money plays into how you each see money
- Your individual credit histories and debts
- How you want to handle debts such as mortgage and large purchases
- Who will be responsible for managing the accounts and paying bills
- How wealthy you’d like to be as a couple
- How you’d like to spend your retirement
Discussing these main financial points with your future spouse can help you understand each other better and build a stronger marriage together. Once you’ve gone through how you want to handle money as a couple, meeting with a financial planner can help answer questions if you hold different opinions and help you develop a path towards a sound financial future together.
If you’ve been married for a few years and find that money is your biggest point of tension, a financial planner can help you make a plan to communicate better and take care of your financial health. Remember too that the first preliminary session with Mach 1 Financial is always free.