Love, commitment and wedding plans often take first place before marriage, but one important topic is often neglected: money.
Although it’s easy to focus on the signs of love, discussing income, debt is important.
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You should, obviously, also take the time to clarify whether you own or rent the house you want to share.
One Reddit user, who goes by @Visible_Power1771, learned this the hard way.
After living in her apartment for years, she got into a new relationship that led to them getting married in 2021. However, one thing was never said to her future partner – the house they lived in was a rental.
When the relationship was exposed and divorce was imminent, the spouse wanted half the price of the apartment – only to be hit with the fact that there was no equity in the separation.
“Didn’t I tell him that this place is for rent? Why does he even think I can buy a two bedroom house in the city center?” shared Visible_Power1771
A SunTrust survey showed that 49% of couples do not discuss finances before marriage. If you want to avoid a broken heart and a broken bank account, here are some things to consider.
Money can be as big a player in love as flowers or candlesticks. But if financial transparency is not prioritized, miscommunication and unmet expectations can quickly follow.
According to a study by Certified Divorce Financial Analysts (CDFA), 22% of divorces in North America are due to financial problems, emphasizing the importance of financial communication. About 41% of people admit to hiding purchases from their partners, according to Forbes Advisor.
As CDFA expert Justin Recker explains, “differences in money goals and values as well as power and control over financial success tend to make money the battleground of marriage.”
Without transparency, couples find themselves in avoidable financial conflicts.
Read more: Jeff Bezos and Oprah Winfrey invest in this property to protect their wealth – you may want to do the same in 2024.
Research from the Indiana University Kelley School of Business shows that couples who combine their finances tend to have better quality relationships.