WSVN — Money and finances are the top issues leading to divorce today. In tonight’s Dollars and Sense, Lynn Martinez explains how a discussion before the wedding bells sound will keep your marriage and money in tune.
Before tying the knot, most couples are already busy composing their future. In the midst of it all, the money discussion is sometimes forgotten.
Meg Green: “People are often, you know, very busy with the plans and forgetting about the meat and potatoes.”
Money expert Meg Green says it’s a big mistake not tuning into your money personality.
Meg Green: “How many people know exactly what their fiancé earns? What if they have a lot of debt? Who’s responsible for that debt?”
Prenuptial agreements can be a good option if the need is there.
Meg Green: “If there is wealth on either side? If this is something that is going to be bothersome? Then yeah, I think that they need to actually discuss that up front.”
You’re co-mingling your life but is it smart or shady keeping separate accounts?
Meg Green: “I really think that everybody, male and female, need to have their own stash.”
But it is important for both parties to share a joint account to pay for, what Meg calls, “the cost of life”.
Meg Green: “The monthly bills, the rent, the car loans, whatever it is and work that out.”
There needs to also be a conversation about each other’s individual debt and spending habits.
Meg Green: “How many pairs of shoes? You know, what trips did you take? Oh, you go out with the guys four times a week? I don’t want to pay for that.”
What if children are a part of the marriage deal?
Meg Green: “Sometimes it’s your kids, my kids and our kids. Sometimes, one has and the other doesn’t. And then, how do you treat them all?”
Discussing money is difficult but putting it front and center early will ensure your money and marriage will work in harmony.
Meg Green: “Will it have issues up front? Sure! You want them up front!”
All of these tips and others can be found on the Meg green and associates website.
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