Avoiding Irreconcilable Differences

Did you know that the "M" word (Money) is cited as one of the major reasons for divorce? That's probably where the term "Irreconcilable Differences" originated! Couples have been fighting over money forever. If you go into marriage or co-habitation with your eyes open, you will have a more successful relationship in the long run.

It's better to find out now if your soon to be spouse is a spendthrift. Many a blessed union has been spoiled by excessive spending and bad credit. You know all those flowers and candy and nights out for dinner and dancing? Can he afford it or is it draining his finances?

Does he have any savings? What about an IRA or 401K? What about you? Have you made plans for the future? Discuss your goals and plans with your future mate. His goals might include a speedboat or a Harley Davidson while you have your heart set on the house with the picket fence!

Does she go on shopping binges? Can she afford these $150.00 shoes? Dos she have five or six credit cards? Are they all maxed out? Have either of you claimed bankruptcy? Are either of you slow to pay your debts? What about alimony or child support? Are either of you required to pay this? For how long? How much? Did the ex-spouse run up debts and then skip out? If so, your significant other may be responsible.

You should decide ahead of time how you, as a couple, are going to handle your finances. Are you both going to deposit all your money into one account and then pay all the bills, etc? Are you going to have separate accounts and each contribute? Will that be equally or on the percentage of income you make? Who is going to be responsible for budgeting and bill paying each month? Whose fault is it going to be when you don't have enough money left at the end of the month? What about savings? How are you going to handle that? Will you both contribute equal amounts to save for long and short term goals? How do each of you feel about retirement?

How do you feel about credit? Is it important to you? Is it important to your soon to be spouse? What do you consider too much in debt? What does your spouse consider too much? At what point do you say...stop!! Credit can be a wonderful thing to have, but it can also be an albatross.

Credit card companies make it so easy to overspend. Cards arrive in the mail. You get invitations to apply almost daily. That introductory 2.9% only lasts 3 to 6 months, then the rate jumps to 12% or 15% even higher. If you are ever late on the payments, that rate can jump to 21%, maybe more in some states! Remember that when you are tempted to spend and charge it.

Protect with your credit and your credit rating. So many couples, young and old, fall into this trap. They get too far over their heads. Many end up claiming bankruptcy. These types of stresses are very hard on relationships and many times this will lead to divorce or separation. Don't let this happen to you.

Get to know more about your potential partners attitudes about money before you walk down the aisle or rent that apartment together. A couple with full knowledge about each others finances, spending habits and obligations will have a much better chance of avoiding "Irreconcilable Differences".

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