It’s no secret that fighting about money puts a huge strain on a relationship. You have seen it or heard about it from money couples of how they just had to kill their relationship after things went south financially.
Money issues are so troublesome that people who say they’re experiencing stress in their relationship cite finances as the number one reason — easily beating out the second-place contender: annoying habits, according to a study by SunTrust.
According to research, fewer than seven percent of couples reported having a financial plan. And without a plan in place, couples struggled to get on the same page and found themselves in conflict over money.
So how can couples avoid all this financial stress experienced in marriages?
Below are four solid reasons lovers can avoid getting into this hole after saying I do.
Check your partner’s financial history before saying “I do”
It’s true love blinds. Most lovers fail to dig into their partner’s financial history which later haunts them dearly.
You find a lady will do a thorough job digging her husband-to-be to an extent of even going to the police to find out whether he has a criminal past, but won’t bother asking how deep in debt her man is.
Disclose all assets and liabilities (including those from a previous marriage, if applicable, or responsibilities that you have for members of your immediate or extended family).
This is the time to mention outstanding debts, loans, income sources, investments or other financial assets or obligations.
Discuss your demons
As much as he/she might be calling you an angel every morning, you do have a dark side.
Make sure you share your money conflicts. Listen to how your partner is speaking and whether it goes with what you want.
Money conflicts are often rooted in core experiences and even trauma at times. Many people will find they have to work through some things personally before being able to resolve financial issues with their partner.
Be open to meeting in the middle. A spender and a saver can happily coexist if they communicate respectfully, plan together and stick to their shared priorities.
Talk to a professional on investing
A big reason why marriages end is investments, especially, when they go dead. People consider so many things before jumping on an investment but interestingly fail to think about their marriage.
As a couple, before going hard on an investment, find some of the strains it will come with and whether you will be ready to go through them as a couple.
It might also be a good idea to review your investment choices and find out if there are any tax-efficient steps you might consider taking.
In fact, at Market Cap Trainers, we currently have free investment classes from our trusted advisors that you can take advantage of.
Though never mentioned in many marriages, extended family can overburden marriages to point of collapse.
Commonly referred to as “Black Tax”, very many marriages have been crippled by one of the partners being forced to help out extended family members. Before committing, always try and analyze your partner’s black tax.
Look at ways you can maneuver and how it won’t be stressful to your marriage.
On the surface, marriage might seem to be all about love and companionship. On a deeper level, it’s much more than an emotional commitment—it’s also a financial and legal one.
Because of how state and federal laws are written, tying the knot can have significant consequences for your money.
It’s important to make sure that you and your partner are on the same page about the assets and liabilities that you are bringing into the marriage, and about how you’ll handle money as a couple.