As someone in a marriage or who will be getting married, you probably already know that personal financial issues can put a strain on your relationship. Sometimes, financial problems can make a couple grow together and become stronger, but other times, financial problems can lead to struggles in the relationship.
It’s very important not to avoid talking about your finances, because speaking openly about them is how you and your partner can stay on the same page. It doesn’t do much good to go into a relationship not knowing if your spouse has high debts or has little to no income. Before you ever make a full commitment, it’s important to know how much money you and your partner have. Money-related arguments could erupt otherwise, and those arguments are known as the leading cause of divorce.
What should you talk about? Talk about which kinds of accounts you want to share, if you plan to have separate finances and what your current financial obligations are. If you have substantial assets, debts or may have an inheritance, a prenuptial agreement can help you make sure you don’t lose out in the case of a divorce.
Prenuptial agreements and financial plans can help you bring out this information into the open. Your attorney can help you create a financial plan with all your financial information, and then your partner will need to fill out the same information. A prenuptial agreement can be drafted to suit your situation, protect your assets and prevent you from taking on the debts of your spouse.
Source: My Palm Beach Post, “Personal finance issues can make, or break, a relationship,” Susan Salisbury, accessed March 04, 2016