Valentine’s day has come and gone, and in its wake, newly engaged couples are preparing to embark on one of life’s great journeys—marriage. But having a successful marriage in 2022 involves more than falling in love and finding your soulmate. It requires familiarity with the innermost workings of your partnership, including your finances. While this may make your relationship feel more like a business arrangement, couples are wise to have their eyes wide open when it comes to money. There are tremendous financial consequences that can arise during a marriage, and establishing financial intimacy is key to a healthy relationship. Couples who are getting ready to wed will benefit from making this a priority. Keep in mind these key points if you’re looking to develop your financial intimacy.
1. Communicate Openly and Honestly
Financial intimacy requires an in-depth understanding of your unique financial circumstances as a couple. It is impossible without one relationship pillar: communication. Initiating open lines of communication early on in your relationship can help build a strong foundation of trust for the future, but it’s never too late. The more you know, the more prepared you are in marriage to handle any challenges or changes that can come down the line. Discuss your assets, expenses, financial goals and wealth-building strategies. Be aware of who has access to certain records, accounts and financial documents in the marriage, and whether that access is equal. By doing so, even if you were to wind up divorcing your spouse, you are less likely to feel blindsided by the financial implications.
“Develop Financial Intimacy in Your Relationship: Tips for Newly Engaged Couples,” by Kristina Royce, was published in Worth on February 15, 2022.
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