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Money, Marriage and Relationships

by Chris Green
July 01, 2009
Marriage is such a complex relationship to have. Throw in the financial aspect into the mix and you have yourself a recipe for great success or disaster.

Many a marriage has ended in a divorce court hearing because of money issues. Donâ€TMt let it happen to you. Here are a few tips on money, marriage and relationships that might save you a trip in front of a judge.

Donâ€TMt keep financial secrets.

Many couples can talk about anything and everything under the sun. Except for money. Many find it difficult to share financial information with a partner. Money is often quoted as a reason for divorce.

If youâ€TMd like to avoid this trap, tell your spouse or partner about your financial status as much as you can. Each of you should know what your current financial standings are.

Hiding information from your spouse or partner can cause great hurt, confusion and a whole lot of financial woe. Your spouse or partner is in the best position to give you adequate support if you need it as that is what partners and spouses do. They will also be able to share the burden with you as you share yours with them.

Financial sharing is also a way of building trust. Letting your spouse or partner into your financial life is a way of showing how much you trust you have placed in him or her.

How much is much?

Your earning power may be different from your partner or spouseâ€TMs earning power. One may make more money than the other. This can be quite a strain on the relationship.

While the financial contributions may not be equal, look at the other aspects of the relationship. Does your partner do the cooking, shopping or cleaning? Contributions to the marriage or relationship do not necessarily depend on how much money one of you brings in.

Should you combine finances?

This depends on the couple in question. You may want to keep separate accounts or share an account. If youâ€TMre younger, you may want to keep a joint account to build a certain amount of intimacy in your finances.

For older couples with more established accounts or for those who are enjoying loveâ€TMs bloom again, separate accounts may make more sense.

Couples can talk things over and decide whether or not they want to keep separate or joint accounts or if theyâ€TMd like to have separate and joint accounts.

Nothing is permanent.

Financial needs change as you progress in life. What may have been true for you ten years ago when you first started out may not hold true anymore now that the kids are around.

Your financial plans should reflect the changes your life is going through. This way, you can stay financially strong.

Tough times call for tough decisions.

Talking about money with your spouse can be a daunting task. However, steps have to be taken to ensure that you will be able to provide financially not just for your childrenâ€TMs needs but also for your own needs.

Everyone grows old and dies. Have you made your will yet? This should be addressed especially if you have a large estate. Arranging financial matters while you are still of sound mind and body will help your familyâ€TMs transition. You can also express your wishes and direct the resolution of certain issues.

Have you talked about the pre-nuptial agreement if you or a child will be marrying someone who is not in the same financial position as you are? While many find this idea distasteful, a pre-nuptial agreement can offer protection of an inheritance and legacy.

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Money, Marriage and Relationships




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