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marriage and finance

Family

5 Essential Money Management Tips For Married Couples

couples and financeMoney is one of the core factors when it comes to the success of a marriage. Money woes can cause all sorts of problems. In fact, money problems are one of the main causes of disillusion in marriage. So, it is critical to maintain a sense of financial security. When it comes to sharing bank accounts – and even sharing some responsibilities, like the mortgage and utility bills – it is even more important to have a sense of fiscal responsibility. Luckily, there are a number of ways to manage your money, so that there are no questions or confusion. Here are five essential money management tips for married couples.

Make sure to budget accordingly. It is critical to have a budget for everything. This will require sitting down and working out exactly what your collective debts are and what your personal debts are. You want to work out how much money is going out and how much is coming in. You should always know how much money you are netting, not just how much you are earning. Having this perspective will give you a clearer overview of how much money you have and what you can actually afford. Not having this perspective will continually make things confusing and you’ll always be wondering if there is enough money to live.

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Family

What Assets A Prenuptial Agreement Can And Cannot Protect

prenuptial agreementPrenuptial agreements are becoming more and more popular with couples everywhere. In most cases, couples draft and sign prenuptial agreements in order to protect their assets in the event of a divorce in the future. Some still view the idea of a prenuptial agreement as overly materialistic and contrary to the ideas of love and marriage. Others would call those people naive. Whatever your views on this kind of marital contract, if you are considering a prenuptial agreement it is important to know what it can and cannot protect in the event of a divorce from your spouse.

Rights and obligations with regards to property can be outlined in pre nuptial agreements. For example, if either spouse owned one or more homes before marriage, the obligations for maintaining those properties can be restricted to the owner in order to avoid financial burden on the other spouse. Likewise, the prenuptial agreement can protect the rights of ownership to those properties. The option for selling or leasing any properties owned before marriage can be protected and left as the sole right of the original owner. This is an important consideration for property owners and non-owners alike.

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Family

Talk To Your Spouse About Your Finances

It’s important to be faithful to your spouse, and this includes being faithful regarding your finances.   A recent globeinvestor.com article entitled “Do You Cheat On Your Spouse Financially?” really got me thinking about the importance of being honest and open in marriage, specifically regarding finances.

Couples need to determine how much freedom each partner gets in terms of spending without the other’s permission.  Big-ticket items will likely require both partners’ consent, whereas smaller everyday items can likely be purchased at one person’s discretion.

It’s a good idea to sit down with your spouse early on in your marriage to set boundaries as well as to decide on the dollar amount that can be spent without needing the other’s permission.  Of course, every marriage is different and some couples may choose to keep all of their money separate and to rarely discuss their finances with each other.   (I don’t think this is the healthiest way to handle things, but I understand that there are special circumstances that may require this method.)

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