Tying the knot with your partner is exciting. Merging two lives into one household and one vision for the future can also be incredibly challenging when it comes to money. Just because marriage evokes visions of shared responsibility doesn’t mean that your financial merge will bring automatic 50-50 responsibilities.
Consider some likely scenarios that complicate the thought of a 50-50 financial split. You may be a spendthrift while he is a saver. You may make more money than he does. You may still owe on an education loan. Perhaps he is juggling credit card payments. Everyone has their own individual financial background, and it is rare that one partner’s situation replicates the other!
By maintaining open, honest and respectful communication between the two of you, you can create a viable plan to reach your shared financial objectives. Here are 5 points to consider when working out the money-split in your relationship.
This story was first published in The New Savvy.