Beginning Your Financial Journey in Marriage
Money can be a source of conflict in marriage and a contributor to divorce. Personal finance expert Suze Orman stated, “I will forever believe that the number one reason for divorce usually is arguments over money” (Orman, 2007). In a study by Experian, 59% of adults who had recently experienced divorce reported that finances had played a role in their divorce. The same study found that over half were caught off guard by their spouse’s spending habits, and almost half were blindsided by their spouse’s financial situation (Experian, 2017). Looking at the data, it is clear that discussing finances with your potential spouse can be beneficial for your future marital health.
The SYMBIS Assessment (Saving Your Marriage Before It Starts), by Dr. Les Parrott and Dr. Leslie Parrott, offers couples considering marriage a gateway into having a conversation about their current money situation and their financial goals. The assessment covers debt, budget, and financial fears among other topics that help couples understand where their financial journey will begin once they say “I do.” It is also beneficial to those who are currently married and want to gain insight and feel united in how they save or spend their money.
Quick Financial Tips
Here are a few quick financial tips if you are considering marriage:
- Be honest about the debt you are bringing into the relationship.
- Discuss your income and create a budget so you know where your money is going.
- Start saving now! Many banks offer free financial guidance to their clients. Check out other online sources and start planning now so you can be prepared for the future.
If you are entering a second marriage, consider the following advice from Forbes:
- Be honest not only about debt, but about other obligations, such as alimony, child support, and an ex-spouse’s rights on retirement accounts.
- Update your beneficiaries. This is a commonly overlooked area that can cause conflict if not considered.
- Update your estate plan. Make decisions about power of finances and medical decisions.
Don’t wait! Begin having conversations today about money in your marriage, and consider a SYMBIS Assessment to start your journey toward financial success.
Sources
Experian. (2017). Credit and divorce survey. Experian/Edelman Intelligence. https://www.debt.com/wp-content/uploads/2017/02/Experian-Money-and-Divorce.pdf
Orman, S. (2007, May 30). Interview. Larry King Live, CNN.
Shenkman, J. (2021, August 20). Second marriage financial checklist: 7 planning items to consider. Forbes. https://www.forbes.com/sites/jonathanshenkman/2021/08/20/second-marriage-financial-checklist-7-planning-items-to-consider/