Got into a conversation at work today regarding marital assets. The women I was talking to were in their late 40’s early 50’s. They all agreed the younger generation these days seems to not really take marriage seriously as say during their parents’ generation (and mine).
One of the biggest issues which young married couples face (and even older ones) is how to handle finances. Financial discord seems to top the list.
Couples will argue as to how to spend the money, when to save, how much to save, and mutual retirement funds. I believe such arguments are only part of some other underlying issues. Having a bad attitude on how to resolve martial conflict can only poison the relationship.
When it comes to finances it’s important to note money is all part of the security issue, to ensure bills are paid on time, that joint marital assets are laid out equally. BEFORE getting married I strongly recommend to anyone (doesn’t matter the age) to set ground rules before saying the I do’s and if need be, draw up a pre-nup so in case (God forbid) a divorce follows, so there isn’t this huge dog and pony show on how to divvy up the assets.
Not everyone will find a partner who views money the same way as they do. But it helps (at least I believe) to have an almost mirror like attitude regarding this one hot topic.
Sit down and draw out what bills are going to be there each month (such as mortgage/rent, utilities, car payments, insurance, groceries etc.) and how much each can set aside for play dates, toys and so on.
Marriage is a partnership which at times I think couples can forget and then a power struggle ensues and this is where the problems are exacerbated.
By setting financial goals together, it brings the couple closer and hopefully builds a lasting foundation that will remain intact through their retirement years.