Love, commitment and honeymoon plans often take center stage before marriage, but one essential conversation frequently gets overlooked: money.
While it’s easy to focus on romantic gestures, discussing salary, debt is crucial.
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You should, evidently, also make time to clarify whether you own or rent the home you’re about to share.
One Reddit user, who goes by @Visible_Power1771, learned this hard way.
After living in his apartment for years, he entered a new relationship that eventually led to marriage in 2021. However, one detail was never mentioned to his soon to be spouse — the apartment they lived in was a rental.
When the relationship unraveled and divorce was on the horizon, the spouse demanded half of the apartment’s value — only to be hit with the reality that there was no equity to split.
“Didn’t I ever tell her that this place is a rental? Why does she even assume that I can afford a 2-bedroom apartment in the city center?” shared Visible_Power1771
A SunTrust survey revealed that 49% of couples don’t 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 candlelit dinners. But when financial transparency isn’t prioritized, miscommunication and unmet expectations can quickly follow.
According to a survey by Certified Divorce Financial Analysts (CDFA), 22% of divorces in North America stem from money problems, underscoring how important financial conversations are. Roughly 41% of people admit to hiding purchases from their partners, according to Forbes Advisor.
As CDFA professional Justin Recker explains, “disparate goals and values around money coupled with the power and control financial prosperity represents makes money a common battle ground in marriages.”
Without transparency, couples find themselves in avoidable financial conflicts.
Read more: Jeff Bezos and Oprah Winfrey invest in this asset to keep their wealth safe — you may want to do the same in 2024
Research from Indiana University Kelley School of Business shows that married couples who merge their finances actually tend to have higher-quality relationships.
