One of the top reasons for divorce is financial disagreements.  When you tie the knot, you are also tying in your partners financial habits as well as debt.

Before you wed, it should be a top priority to discuss your financial goals, among other things.  Many times, one partner will spend much more frivolously than the other.  This can lead to long term problems when it comes to financial planning.  One partner may have long term goals such as when they want to retire, how they will finance their children’s education, and so on while the other partner can barely finance next week.

Merging your finances

When it comes to merging your finances after you wed, the thought should be whats mine is yours and whats yours is mine.  Keep in mind this can include both debt and savings.  Put yourself in the situation before you tie the knot.  Get a joint checking account for starters.  See if you can both manage to stay on track and keep the account in good standing.  Also, you should both be able to agree on where the money goes.  How much you should spend on things like entertainment and dining out as well as the usual bills should all be discussed.

What to about debt?

Whether you like it or not, once you’re married, your spouse’s debt can become your debt.  Once again, both of you, together, should figure out a way to tackle the problem and make a decision before getting married.  Many times, couples will not see eye to eye on this.  The debt free partner will say, I have accumulated any debt so I’m not paying yours off.  If you are planning to be together for the rest of your life, this is an issue that needs addressing.  The debt doesn’t go away when you marry.  When you discuss this, don’t take the position “Your debt will ruin us.”  If that is the approach you take, it most certainly will.

Check Your Spending

So your soon to be wife is constantly nagging about your wild spending and then comes home with a $400 purse.

If this sounds familiar, your right.  This is the second most common reasons couples fight.  Most of the time, one of the partners get labeled the spender and the other the saver even though they actually spend about the same, they just spend differently.  The amount of small purchases by one partner may seem negligible, since they carry a low dollar amount while the other partner may spend much left often but on larger items like TVs or computers.  At the end of the day, they usually spend about the same.  Perception needs to be put aside.  Check the reality, the bank statements.  Most purchases should be budgeted for and agreed on by both partners.  Make sure you keep it fair though, one partner shouldn’t always decline what the other wants.  The fellas out there are never going to want a $400 purse and the ladies are never going to want a 65 inch TV to watch the football game.  Well, at least most of the time.

Hidden Money

Couples should not keep financial secrets.  They can come back to bite you in the backside.  Again, this goes for both sides of the equation.  No one wants to find out you have been racking up a credit card bill without the other partner knowing.  The other side of the coin, no one wants to find out you have $50,000 in savings the other didn’t know about.  While an extra $50,000 sure is nice to find out about, but what was the reason for concealing it?