Love And Money How To Prevent Financial Mishaps In A Relationship
All dating couples talk about their future career plans, where they want to settle, how many kids they want to have and of course, where they want to go for their honeymoon before they walk down the aisle.
But they rarely talk about money either because they feel that love takes precedence over money or they don’t want to ‘offend’ their partners. After getting married, couples realize love doesn’t conquer money problems and no matter how strong the love is between a husband and a wife, they will always have power struggles, disagreements and fights over money issues.
As the saying goes, Prevention is better than cure, talking about money no matter how sensitive it may seem at the time, is always better than misunderstandings and quarrels in a relationship. It doesn’t matter if you have been divorced for three times and this is your fourth marriage or this is your first, the open discussions about money are pretty much the same.
Some of the basic questions to ask are:
Shall we have a prenuptial agreement? This is a very sensitive question and partners always feel that this question implies lack of trust in a relationship. Due to twists and turns in one’s life, a person should never assume relationships will be smooth forever. No matter how careful we are in choosing our spouses, circumstances alone can change a person and all of a sudden the person you were in love with becomes a person you hate the most. Some people may also have special scenarios like for instance, kids from a prior marriage and wish to protect them via a prenup in their new marriage.
What is your credit history? Somebody’s credit history can often reveal spending habits, debts, credit cards and bank accounts. Surely, you might want to think twice before getting committed to somebody who likes to spend $2000.00 for a nice outfit.
What will be our division of financial duties? You might be good in investments and your spouse might be good in keeping all important financial documents. At any rate, these individual areas of financial expertise need to be talked with each other.
What kind of debt do you have? Obviously, there is a big difference in having a mortgage loan and a credit card debt. You need to know if your potential spouse has financial common-sense in distinguishing between good debts and bad debts.
What are your career objectives? You might be aspiring to become a stay-at-home spouse while your spouse expects you to have a full time career. Such misunderstandings need to be cleared up so that both people have a clear idea of what the other person wants.
Shall we have a joint account? Having a joint account adds a lot of convenience in running a couple’s household. But some people also wish to have a solo account for their own personal use. There is no right or wrong answer for this question, but it needs to be clear among two people.
Copyright 2006 Divyesh Dave
Divyesh Dave is an online entrepreneur and currently runs a financial based website. For more information, visit http://www.bajika.com.
Tags: credit cards, debt, debts, Divorce, husband, marriage, prenup, prenuptial, relationship, wife
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