Financial aspects of marriage
Marriage is the coming together of two separate lives, but it's also the coming together of two separate financial histories and situations. And while your past financial history will continue to be a part of your financial life, you'll also be contending with a lifetime of new financial experiences and decisions together. The key to success is to be ready to handle everything that comes up. Having the financial resources to deal with the unexpected will be as important as developing the communication skills needed to talk about financial matters.
The marriage begins with a serious relationship, which leads to an engagement, which then typically requires lots of planning and money for a wedding, and ultimately culminates with the beginning of your life together which is when the real financial problems again.It's important to consider the financial aspects of each of these steps so that you can be properly prepared and aware well in advance of the associated expenses and financial impacts.
Everyone believes that life will be so much better when you can share the ups and downs with someone else, especially the financial ups and downs. After all, doesn't that second income and sharing expenses actually make life easier? Well, it is likely that some expenses can be shared, and that in the beginning of a relationship, two incomes are definitely better than one, but as a relationship matures and progresses, and hopefully becomes a marriage, values change and goals become bigger. Since arguments about money (how and who is spending it and why) are still one of the leading causes of break-ups and divorce in this country, it's important that a couple learn to honestly discuss their finances long before they become an issue.
Depending on your current status, select the most appropriate area below (or above) and begin learning about some of the financial aspects that you should be concerned about.