For fun, I thought I’d share this article from the Money section of MSN Canada. (Canadian print media may become as addictive to me as Canadian TV already is!) Even though the article was originally published more than two years ago, the information is just as helpful as if it had gone up the this morning.
As an attorney and financial coach, I have absolutely seen what happens when couples are not on the same page about how they will earn, spend and save money. The first step requires you to get really clear on your income and expenses–this can be tricky because it’s not a skill or process that we’re taught. (There is help out there, though, whether in the form of a financial planner or financial counselor!)
The initial steps of starting a conversation and facing reality may be the hardest to take, but they may also be the most helpful in sustaining a relationship. It’s not sexy, but my personal hope is that anyone who is considering marriage take time to educate themselves about how each person’s assets and debts are treated during marriage, upon divorce and in the event of death. Unfortunately, most clients I see have learned these principles when it’s too late to change things. I haven’t seen any studies, but I bet learning about property law is a bit like sex ed: It helps folks make safe choices rather than engage in risky activity!