Marriage is the coming together of two separate lives, but it’s also the coming together of two separate financial histories and situations.
And while your financial past will continue to be a part of your life, you’ll also be contending with a lifetime of new financial experiences and decisions with another person. One key to success is to be ready to handle everything that comes up. And having the financial resources to deal with the unexpected will be as important as developing the communication skills needed to talk about financial matters.
Financial problems are a major contributing factor to many divorces. Being aware of that statistic is an important first step to preventing your finances from dragging your union down. But you can’t completely safeguard yourself from these problems. So how do you keep financial mishaps from putting undue strain on your relationship? Like everything else in a marriage, communication is the key. Know each other financially and be willing to talk openly about your present — and future — financial situations.
So spend some time getting to know your future spouse’s financial history. Swap credit reports. Ask what he or she expects and wants.
Before you tie the knot, it may also be useful to meet with a qualified, objective financial planner. A financial planner can help you as a couple with goal-setting and budgeting, as well as answering financial questions. It’s a great way to get you both talking about money together.
Article used with permission from Practical Money Skills Canada
This article is intended to provide general information and should not be considered legal, tax or financial advice. It’s always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.