Money Talks News: Marriage and Money
Wed, 22 May 2013 13:49:00 GMT —
"Number one cause of divorce, it's always said, is money. So if there's anything that you're not matched up or you have a great difference that might play a big role, and you have to look out for secrecy."
A marriage is a merger. Merging lives, and merging money. Long before you walk down that aisle make sure you're on the same page about family finances.
So before you even think of saying "yes" to the dress, make sure you've got the right money mate.
"You have to ask each other or find out what are your philosophies about money? What are your goals for the future? You have to really look at that too because that might not work well or you have to disclose it so you know what you're dealing with."
And if you've got a new house in those future plans, remember that your credit scores will also be joined.
"When you merge your household, the one that has the bad credit will improve, but the one who has the great credit score will be dragged down."
What about the wedding itself? At an average cost now approaching 30 grand, that party is a perfect opportunity to test your partnership.
"You don't want to be paying for your wedding ten years after you're married. So even though a great wedding is a lot of fun, but for one day you're paying 10 years."
Money and marriage... That's what really goes together like a horse and carriage. So make sure you talk about money early, and often, and then you're going to be ready for better or worse. For more information, go to moneytalksnews.com an search for "Marriage." For Money Talks News, I'm Stacy Johnson.