Due to the rise in marriages occurring later in life, many couples are entering their first marriage with assets.
So how do you deal with merging two lives emotionally and financially without causing strain on the relationship?
The key would be to start with an open and honest workable structure for your combined finances.
- Discuss your future long-term common goals as well as your individual goals. Together prioritize each of your goals and list the steps it will take to formulate a plan to obtain them.
- Use your current assets to establish a budget for consistent expenses.
- Decide who is best suited to pay the bills, balance accounts and research loans. Although one may be more proficient with these tasks, all information should be shared on a regular basis. Consider making large purchases jointly.
- Together celebrate your differences and allow them to work for you in lieu of against you. If one is a spender and the other a saver, help keep one another balanced by creating a budget to allow for both savings and spending.
- Discuss any potential worries that arise and search for practical answers. This will allow for an open and stable financial relationship.
Keep in mind, financial health is a process that is learned over time, not overnight. The more you learn about each other’s money history and money style — the easier it will be to formulate a plan to suit both your needs.
Answers from AZ