Financial Discussions Before Marriage

Written by Chicagohealers.com practitioner Julie Murphy Casserly

Financial problems have long been a trouble area in many marriages and the current economic crisis is stretching even more people to the emotional breaking point. The resulting frustration can certainly take a toll on marriages which is why its important to have financial discussions before walking down the aisle.

Below are some of the top conversations you should have with your soon-to-be spouse to be sure you are on the same page financially.

Discuss and Be Honest About Debt Levels: When you marry someone, you also marry their money and their debt. Everyone brings financial baggage into a relationship but its important that each of you disclose exactly how much debt you are carrying so you can develop a picture of your financial responsibilities after marriage. Its also not a good idea to hide some of your debt from your future spouse. As the old adage goes, its never good to start a marriage on a lie and it will just create negative energy between the two of you once the secret is out.

Examine your credit scores. If one persons score is below 700, consider keeping your finances separate for awhile until you can work to improve the score. Work as a couple to help the person with the low credit score pay off debt and take care of overdue bills. Do not apply for any joint credit cards. Instead, put the cards in the name of the person with good credit and make the other person an authorized user. Consider hiring a company like www.veracitycredit.com to assist you clean up your report. To receive a special discount on this service, e-mail me at info@jmcwealth.com

Set Goals Together. Its important that you both have a clear vision of your financial goals so you can help each other achieve them, or talk about the differences before trouble starts. Create a complete picture of your financial situation in the following three areas. It is easier to stay on track when you understand your full financial situation.

1 Past Review and discuss all of your past choices and work to pay them down now.

2 Present Review your current monthly bills and purchases and set a budget that fits into your allotted incomes. Try to live the quality of life you want today on a cash basis, not a credit basis.

3 Future Plan for your short-term, mid-term and long-term financial goals and make them a priority. Enlist the help of a financial planner who can help you set up savings and investment accounts that will help you reach all of your life goals.

Make Choices for Two. Once you have created your complete financial picture,make sure you agree that you will both clear space in your life to obtain these goals and make life choices that align accordingly.

Julie Murphy Casserly, CLU, ChFC, CFP is a 15-year veteran of the financial services industry and founder of JMC Wealth Management in Chicago. Julie is the leading authority on how emotional attitudes and behaviors affect how people earn, spend and save. To purchase her award winning the book, The Emotion Behind Money, also now available in an e-book format, please visit EmotionBehindMoney.com.

*The tips above many not be suitable for all people, and JMC Wealth Management advises clients on their investment strategies on an individual basis.

ChicagoHealers.com mission is the education and advocacy of natural medicine and a holistic lifestyle.

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by: ChicagoHealers

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