One of the biggest challenges of a successful marriage according to a study completed by Kansas State University is financial problems. All too frequently personal finances are not discussed when couples begin dating.
Many issues should be discussed including who will pay bills, how much debt each partner has, and policies about spending and savings. Another aspect of personal finance that a couple contemplating marriage should consider is finding and disclosing each individual’s credit score. Once married this will be a joint score and something the couple will need to work on together to improve if that should be the need.
Full disclosure of debt, accounts and resources is a significant part of a good relationship. If the pending union will bring together a variety of savings, investment or retirement accounts, a financial planning professional may be a good option to help the couple learn if their investments are well-balanced and appropriate for their age and situation. Once the union is formed, reevaluating beneficiaries needs to be considered as well.
Read the full article here:
Millennial Love And Money: 8 Tips For A ‘Happily Ever After’