The Herald Bulletin

Morning Update

Columns

October 11, 2013

'Big Joe' Clark: Financial plan essential in marriage

One of the most important events in a person’s life is when they get married. It is the period of time where one life is fully co-mingled with another, including living arrangements, daily routines and finances. Sadly, in today’s society many marriages end in divorce, this is caused by various factors, but one root of marital issues is founded in money.

A study by Jeffrey Dew, a Utah State University professor, found that couples who had arguments about money once a week were 30 percent more likely to get a divorce than couples who had reported disagreeing about finances only a few times a month. Understanding the relationship a spouse has with money is a good step in creating a financial plan that works for both partners and can help prevent financial spats from becoming a regular occurrence.

Before getting married it’s important for a couple to discuss their financial history, which may include any debts, bankruptcies, loans, etc. It will only make matters worse if after being married for six months, for example, your then-spouse discovers you have $8,000 in credit card debt that you were too embarrassed to bring up before. By being transparent with financial history, a couple is able to begin their new journey on the right foot.

Most people fall into one of two camps, spenders and savers. Professors at the University of Pennsylvania, University of Michigan and Northwestern University reviewed the results of various relationship studies and found that savers and spenders commonly fall in love with one another, even though these two characteristics on face value don’t mix.

Recognizing each person’s financial-style can help understand where a spouse is coming from in the way they view money-related matters.

It may be a good idea to designate one person to be in charge of paying the bills, or divide things up and have each spouse be responsible for certain money-related activities. A newly married couple has to figure out what will work best for them, but it should be done early on to avoid any confusion and more importantly, late payments.

Text Only
Columns
Featured Ads
More Resources from The Herald Bulletin
AP Video
Crashed Air Algerie Plane Found in Mali Israel Mulls Ceasefire Amid Gaza Offensive In Case of Fire, Oxygen Masks for Pets Mobile App Gives Tour of Battle of Atlanta Sites Anti-violence Advocate Killed, but Not Silenced. Dempsey: Putin May Light Fire and Lose Control Arizona Prison Chief: Execution Wasn't Botched Calif. Police Investigate Peacock Shooting Death Raw: Protesters, Soldiers Clash in West Bank Police: Doctor Who Shot Gunman 'Saved Lives' 'Modern Family' Star on Gay Athletes Coming Out MN Twins Debut Beer Vending Machine DA: Pa. Doctor Fired Back at Hospital Gunman Raw: Iowa Police Dash Cam Shows Wild Chase Obama Seeks Limits on US Company Mergers Abroad Large Family to Share NJ Lottery Winnings U.S. Flights to Israel Resume After Ban Lifted Official: Air Algerie Flight 'probably Crashed' TSA Administrator on Politics and Flight Bans Raw: National Guard Helps Battle WA Wildfires
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Helium debate
Helium
Front page
Poll

How important do you consider preschool for children?

Vital
Important but not critical
Not necessary
     View Results