Love, commitment, and honeymoon plans often take center stage before marriage, but one essential conversation is often overlooked: money.
While it's easy to focus on romantic gestures, discussing salary and debt is crucial.
-
Accredited investors can become landlords for Walmart, Whole Foods or Kroger – and enjoy regular payouts without lifting a finger. Here's how
-
Auto insurance premiums in America are skyrocketing – and are only getting worse. But less than 2 minutes can save you more than $600/year
-
These 5 magical money moves will boost you up the US wealth ladder in 2024 – and you can complete each step in minutes. Here's how
Of course, you should also make time to clarify whether you own or rent the home you are going to share.
One Reddit user named @Visible_Power1771 learned this the hard way.
After living in his apartment for years, he entered into a new relationship that eventually led to marriage in 2021. However, one detail was never told to his future wife: the apartment they lived in was a rental property.
When the relationship fell apart and divorce was in sight, the husband claimed half the value of the apartment, but was faced with the reality that there was no equality to split.
“Didn't I ever tell her this was a rental?” Why does she even assume I can afford a two-bedroom apartment in the city center?” shared Visible_Power1771
A SunTrust survey found that 49% of couples don't discuss finances before marriage. If you want to avoid a broken heart and a broken bank account, here are some things to consider.
Money can play as big a role in love as flowers or candlelight dinners. But if financial transparency is not prioritized, miscommunication and unmet expectations can quickly follow.
According to a study by Certified Divorce Financial Analysts (CDFA), 22% of divorces in North America are due to money issues, underscoring the importance of financial conversations. According to Forbes Advisor, about 41% of people admit to hiding purchases from their partners.
As CDFA professional Justin Recker explains, “Different goals and values around money, coupled with the power and control that financial wealth represents, make money a common battleground in marriages.”
Without transparency, couples end up in avoidable financial conflicts.
Read more: Jeff Bezos and Oprah Winfrey are investing in this asset to keep their wealth safe – you might want to do the same in 2024
Research from Indiana University's Kelley School of Business shows that married couples who combine their finances tend to have higher quality relationships.
