Marital finances are one aspect of getting married that you should discuss before the big day. Some people opt to use a prenuptial agreement to get the finances sorted out, but even if you haven’t gone that route, you can still try to protect the finances.
You and your future spouse should come up with the expectations that you have for the money. This includes deciding whether the money will be put together or if each spouse will pay specific bills. Making these plans now can help to take the stress off of you from having to struggle to make these decisions later.
Another thing that you should do is discuss how savings will be handled. This includes everything from how you will fund retirement accounts to how savings for vacations will be funded. You can also discuss how you are going to handle the financial obligations that come with children, home ownership and any other aspects of married life that will involve incurring an expense.
If you are getting married at a young age, you might not be prepared to deal with some of the money issues that might come later in your relationship. This is understandable. While you are trying to find your footing financially, you might find that things you thought would work really don’t work all that well. This is fine and just means that it is time to reevaluate and modify the agreements.
Financial issues are what leads to some problems in marriages. Working with your spouse might help you to avoid divorcing over these matters. If you do find that you are heading toward a divorce, you should make sure that you protect your interests. If you have a prenuptial agreement, review it before you file to make sure that it is what you remembered it to be.
Source: FindLaw, “How to Avoid Marriage Money Problems,” accessed June 30, 2017