Financial Infidelity: Marriage and Money
Don’t Try to Hide Your Lyin’ Wallet
Read more about Credit Cards for Weddings
Married people are happier by many measures, yet many marriages are unhappy or fail because couples bring to the partnership significant debt, including student loans and credit card balances, as well as self-deceptions and outright lies about money. Our new research infographic urges couples to take a clear-eyed look at their prospects for happiness if they are not honest with themselves and their partners about money.
“The data shows that it is difficult to build a happy married life on delusion and dishonesty about money,” says Charles Tran, founder of CreditDonkey. Couples must define a financial philosophy or strategy that suits their unique situation, but important questions men and women should ask themselves and their partners before the wedding are:
Four Questions About Money Couples Need to Answer Before the Wedding
Where Does the Money Go Each Month?
How Does Debt Make You Feel?
When Can We Tap Our Savings?
Think about what you would do if a close family member or friend fell on hard times and asked to borrow from your savings. Having a plan and presenting a united front can help a couple when facing a challenging social and emotional situation.
Which Laws Apply to Combining Debts, Income and Savings When Married?
According to the Internal Revenue Service (IRS), some of the factors considered in determining domicile include:
Can marriage survive financial infidelity? Let us know your thoughts.
(Writing by Annette; Graphic Design by Marco)
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