According to Sharon Epperson, the author of “The Big Payoff: 8 Steps Couples Can Take to Make the Most of their Money — and Life Richly Ever After,” there are three things newlyweds should do if they want to be smart about their financial lives:
- Be open about your finances: It is best to know about your spouse’s finances before the wedding, but it is never too late to start having the conversation. At least once a month, spouses should meet and discuss their current financial situation and their dreams for the future.
- Work together: Research shows that married couples are more likely to build wealth if they work together. Again, open and honest communication is important. No matter who is in charge of what bill or account, meeting to go over finances, budgets and expectations is important.
- Have “yours, mine and ours” accounts: For each couple, it is important to determine what will and what will not be a joint expense. The same is true for debts. Keep in mind, however, that if your spouse wants to hide something, they will. Also, no matter what your agreement with your spouse, you still must consider the laws of your state when it comes to community property and community debt.
Being open and honest is important when making a financial future with your spouse. It is well known that finances are often the leading cause of divorce. If you want to protect your finances, contact the family law attorneys at Pecos Law Group.