Financial Counseling Pre Marriage
Updated: Oct 17
A great article regarding financial questions that couples should ask prior to getting married. Everybody knows that divorce is a unfortunate reality when one enters the union of marriage. According to the news story the average rate of divorce in this country is 45%. Divorce can be one of the most ruinous financial actions a couple can take. The financial consequences can be severe with a hotly contested divorce. The rate drops for people on their first marriage and then for college educated folks with similar religions.
Many people have heard of pre marital counseling to assess the couples compatibility with the realities of a marriage. Not many people have heard of pre marital financial counseling. The story recommends couples discuss several talks prior to getting married. 1) The parties are asked to discuss their parents financial ancestry. What type of financial habits did their parents have and what did their learn about money growing up. 2) What type of credit score they have, which is a reflection of their current financial health. Do they make late payments, do they over spend. Will this impact their ability to purchase a house in the future 3) Which party will take control of the household finances. It is not difficult if one person takes over and the other acquiesces, but if there is a power struggle from two people who are so used to handling their financial matters, it will bound to bring up conflict. 4) Finally, affluence, what type of affluence is the party hoping to achieve. If one party wants to be a multi millionaire and retire before 40 and the other is happy in a quiet middle class living, there will be conflict.