Each spouse has both discretionary and non-discretionary spending needs, and it’s easy to under-estimate all the little things that are needed and thus budget overruns occur.
4) Knowing what you’re marrying into from a debt point of view.
This takes a concerted effort to address and work through, and many people don’t do it simply because it can be uncomfortable and is a difficult topic to broach. Having an objective Advisor facilitating this conversation can make it more constructive, ensure that it actually happens, and produces a mutually agreed upon outcome and plan.
Marriage is about compromise, and whether you’ve married for two weeks or twenty years, it’s important to be able to work together with your spouse.
The crux of the problem is that most couples don’t understand how their partner views money, or how/why they have the spending habits that they do.
Understanding and being empathetic to each other’s financial beliefs and values makes the merging process infinitely more successful and long term happiness in the marriage more likely.
But here’s the deal—it can be challenging to work together on finances.