FAMILY LAW ARTICLES

Early financial mistakes could cause problems for a marriage

What actions a person takes as they are about to get married can have some wide-ranging impacts on their marriage’s future. This includes how they act in relation to financial matters in the time leading up to the marriage.

Such actions can impact the likelihood of financial stresses and disputes arising within a marriage. For example, certain mistakes could make such marital stresses and disputes more likely to arise down the line for a soon-to-be married couple. Such mistakes include:

• Spending too much on the engagement ring or the wedding.
• Not looking into the impacts the marriage would have regarding things like debt and taxes prior to tying the knot. Unpleasant surprises regarding such things could be tough on a newly married couple.
• Failing to have honest discussions about money matters prior to the wedding. Such discussions can play an important role in setting a couple on the path to good communication regarding financial matters.

How much financial stress and fighting is present in a marriage as it is starting and as it progresses could impact the marriage’s chances for long-term success. Financial conflicts are among the things that could lead to divorce. So, giving financial matters the attention they deserve, and taking efforts to stay away from mistakes like the ones mentioned above, can be important for a couple as they are about to get married.

Now, taking steps towards avoiding money-related mistakes and preparing for one’s future isn’t just important when one is about to get married. It can also be critical when a person is planning to pursue a divorce. Divorces typically involve significant financial issues. What actions a person takes and preparations they make as they are getting ready for divorce proceedings could have implications on how these issues end up going for them, which in turn could have major ramifications for their post-divorce life. So, promptly getting guidance on divorce legal issues that touch on money matters can be important for individuals who are preparing to enter the divorce process.

Source: CNN Money, “5 money mistakes that could doom your new marriage,” Christy Bieber, Sept. 18, 2017