The issue of finances in a marriage or relationship requires openness; otherwise it can be a major source of problems, some of which can leave couples feeling bruised. Open communication about finances may be a difficult area to venture into, but it's important to understand that for the marriage to succeed couples need to make some things clear and straight.
It's important for couples to make their financial status clear. When you are a couple, it often means that baggage will be carried jointly. If one has some debts, the partner is going to be affected in one way or another. One does not have to assist the other in paying but the stress of keeping up with payments will affect each partner one way or another. It is important to have open communication about your past debt.
Finances not only include debt, but also include assets owned by each person. Discussing your net worth is part of the openness that's required in a relationship or marriage. If you hide some of your assets and the partner discovers them later, there may be some issues, some of which can jeopardise the relationship.
It's also important to discuss each other's spending and saving habits. This is a very important conversation as it will dictate what your net worth will turn out to be. If you have trouble saving due to retail therapy, impulse buying or trouble spending as you are extremely frugal, your partner may be willing to try to help you with this problem. Silence about some of these issues leads to mistrust.
Discovering financial issues later on in relationships can be destructive. Making confessions early enough can help in solving some of the issues that may crop up. Once the law catches up with you, your partner may not be spared either, he or she will be seen as an accomplice.
Check out other blogs here
Note: The above is intended to be general information and not financial advice. Cashtillpayday does not give financial advice.