How to Discuss Finances Together in a Marriage

The way that partners handle their finances can either make or break a marriage. It is important that you sit down with your spouse, at least once a year, to discuss finances together. Pick a neutral time and place to have your discussion. If financial discussions often lead to arguments you might want to lay some ground rules; such as no blame placing and no raised voices.

Difficulty: Moderate

Instructions

1. Inform your spouse of any new important documents that have been created in the last year. Be sure that both partners know where all important documents are stored, and have easy access to them.

2. Make a list of all existing debts and assets. Reviewing your debts and assets each year can help you to stay on track without allowing the debts to far surpass the assets.

3. Develop a workable household budget if you do not already have. Review your existing budget each year, and revise it if it is no longer working for you. It is important for both of you to know where the money goes each month.

4. Set financial goals for the future if you have not done so yet. Review your financial goals each year to see how much progress you are making.

5. Divide the money management responsibilities evenly. If one person sits down and pays the bills every month, the other person should take responsibility for balancing the checkbook. If both partners are involved in the money management there is less of a chance that anyone can be ignorant of your financial situation. Discuss the division of responsibility each year to determine if it is working or if jobs need to be reassigned.

Tips & Warnings

• Financial problems is one of the top three reasons that people give for divorce. Being open, honest, and jointly responsible for the financial health of your marriage is important for its success.