Jenna Goudreau (@Jenna_Goudreau) presents a “Financial Checklist Before Getting Married” in Forbes.
“Finances have long been a trouble area in marriage,” says Julie Murphy Casserly, author of The Emotion Behind Money, “and the current economic crisis is stretching even more people to the emotional breaking point.”
In fact, in a pioneering survey conducted last year, one in three respondents admitted to lying to their spouses about money, leading to arguments, distrust, separation and divorce. Experts agree that preventative action can save marriages. Before you walk down the aisle, take the time to understand your partner’s financial upbringing and philosophy, get up to speed on their past and present holdings, and lay the foundation for a transparent, co-managed financial future.
Together with your partner, complete the following financial checklist before you say “I do.”
- Discuss childhood influences.
- Learn your partner’s financial past and present.
- Decide on joint or separate accounts.
- Outline income and spending patterns.
- Divvy up financial roles.
- Be certain your assets are protected.
- Set joint financial goals.
- Consider the tax implications.
- Safeguard your future.
- Be clear about family and career plans.
Money Habitudes cards are often used by couples on their own or in marriage prep classes to talk about money and start exactly these conversations, but in a fun, easy, non-threatening way.