When getting married nobody ever thinks they’ll get divorced. Divorce is an unfortunate part of life yet it still actually happens to almost half of all couples, and money is often a big reason why. Divorce effects numerous parts of your life from social to personal, and if you’re not careful it can affect your financial life too! Follow the 3 simple tips listed below to assure your finance are divorce proof.
- Talk About Finances – Communication is key in a relationship. Therefore, you need to be able to share important things like your income, credit score, debts, financial obligations, and spending styles with one another. It can be a difficult thing to do, especially for those still in the honeymoon phase. But know this information will be needed if you plan to buy a house or new vehicle together.
- Inventory Each Others Assets – Having an inventory of your assets will greatly reduce stress in the event of a divorce. In the course of the money conversations you have with your significant other, create a list of all your accounts and valuable assets, such as cars/boats..etc. Not only will this help keep both of you honest, it’s also something you would both end up doing anyways should a divorce be imminent.
- Keep Some Of Your Independence – Couples who combine all bank accounts may find themselves arguing more often, especially if they frequently disagree about how money should be spent. Establish credit in each of your names as well. This will give you additional control over credit card usage and payments. Being involved in a divorce could mean your spouse cutting off access to cards or accounts, so make it an early decision to try and keep some things separate while also establishing more credit individually.
Getting married is a fun and happy occasion. Nobody ever wants to think about divorcing someone they love but by discussing these important things with your partner before hand, you can have all of these stressful tasks and decisions figured out prior to saying “I Do”. Divorce may be something you never think of and never even end up going through, but it doesn’t hurt to divorce-proof your finances from the very start!
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