Marriage is a big deal. Even though movies and pop culture make it seem as if you can just get married and not worry about anything bad ever happening, the truth is that around 50% of marriages will end in divorce.
And did you know that one of the most common reasons for divorce is finances? So instead of getting married and divorced over your financial situation (or beliefs), here’s why you need to talk about your finances before getting married.
Shows Your Money Personalities
You’ve probably heard about the spenders and savers, but there are also other money personalities. There are people who are in between a spender and a saver, who like to save money but don’t mind splurging on the things that they love and care about. There are people that are on the extreme spectrum of being a saver, and they will hoard massive amounts of money in fear. There’s even the type of people that you would consider “minimalists” in which they spend what they need to survive, and donate the rest.
While none of these personalities are necessarily bad, they can clash if they are met with someone with a completely opposite personality. If you’re a saver but your future spouse is an extreme spender, you may run into a lot of financial fights later on down the road.
When you talk about your finances before getting married, you are able to see each other’s money personality and figure out if you mesh well together.
Helps You Realize Strengths & Weaknesses
Do you find yourself scared to spend money in fear that you’ll need it one day? Does your significant other budget really well? Talking about your finances before getting married is a helps you realize both of your strengths and weaknesses.
Everyone has their strengths and weaknesses. But it’s important for you and your partner to know about each other’s and be able to work through it all together.
Avoid Awkward Conversations Later
What would you do if you got married before you realized your partner had $100,000 in student loans? What would you do if they didn’t plan on paying them off? For some people, this may not be a problem, but for others, this could be a huge deal. You may feel left out, or feel like your partner lied. You’ll wonder if these loans will put a damper on your savings or retirement. You might just be plain mad about it.
When you talk about your finances before getting married, you’re saving yourself the time and awkwardness of finding out the “secrets” that your partner may be keeping from you.
Allows You To Get On The Same Page
If you talk about your finances before getting married, you’re getting everything out in the open. This allows you and your partner the opportunity to get on the same page. Some couples like to combine finances, some don’t, and neither are wrong. But when you and your significant other can come to an agreement and know what is expected of you both, you’re able to go into marriage a lot more confident in your finances.
Keeps You From Taking Things Too Far
You should never base the happiness of your relationship on money alone. However, If you’ve talked about your finances with your partner and realize that you two aren’t compatible with each other, you can take that chance to end your relationship before getting too serious. No one wants to be left in a house they can’t afford. No one wants their credit score to drop and have debt up to their eyeballs because of a divorce.
When you talk about your finances before getting married, you’re giving each other the opportunity to walk away NOW. Before things get too serious and finances become intertwined.
It’s important to talk about your finances before getting married. It can save a lot of hassle and keep you from fighting over menial finance problems in the future. Talking about money doesn’t have to be hard. In fact, it should be one of the most important things to talk about before tying the knot.
