Sunday, October 6, 2019
If there is statistically a 50% chance of something happening to you, you might decide to prepare for such an event, just in case.
Divorce falls into this category. Planning for divorce and taking steps to reduce one of its major causes is something every engaged and newly married couple should earnestly do to cover all the bases.
Engaged couples spend countless hours planning their wedding and honeymoon. With two marriage-age children of my own, I hear many discussions about choosing a wedding planner, venue and dress. What I rarely hear are conversations around selecting a CPA or financial adviser, or developing a prenuptial agreement. Discussing and planning the couple’s financial future is of paramount importance and should be prepared for accordingly.
Research shows that money issues are the second leading cause of divorce after infidelity. Having this “money talk” and setting financial ground rules before the couple says “I do” helps ensure they’re on the same page regarding their financial goals and priorities. It also sets their economic future off on the right foot. Unfortunately, people seldom focus on finances when they get married; this lack of financial planning can lead to future problems and hefty professional fees.
Read more here.