Let's discuss finances in marriages. If wedding bells are in your future or you are currently married, a good rule of thumb is to be open and honest with your significant other about your finances. Gabbi Shaw reported in an article on January 31, 2019, for Insider that 36.1% of divorces happen due to financial reasons which ranked 5th at the time. When you get married, it is no longer your or my money but our money. This would include all debts, liabilities, wealth, and assets.
Finances are a difficult conversation to have, especially if you are not as financially sound as you think you should be. Before marriage is when a full disclosure should be made of your financial assets and liabilities and a plan should be established of how repayment efforts will be administered so that neither person is blind sided. The mantra of marriage is two people becoming one and this includes finances as well. All of your resources belong to the both of you.
Often at times the conversation of one person making more than the other rears its ugly head, and this is one of the situations when strife arises in the relationship. Although one person might be responsible for balancing the checkbook or paying the bills, both parties should have equal say on how finances are allocated and this is never the time to withhold any financial matters from each other. Is it wrong for both parties to have separate accounts, of course not. But the right thing to do, is be honest with each other and respect each other enough to have full and open discussions to precede any financial decision, and agreement should be the goal. #SPEAK2MYHEART