Through The Fog Of Romance, Marriage Is About Money

While the most longest-lasting marriages are built on trust, mutual respect and the ability to overcome adversity, it's important to understand the role of money in matrimony. The link between money-related marital disputes and divorce rates is sobering, according to a recent study discussed at The New York Times' Economix Blog.

That study concluded that couples who disagree over money at least once a week were more than 30 percent more likely to get divorced than couples who have financial disputes only a few times per month, the NYT blog reported.

A Wall Street Journal article republished by Yahoo! Finance also asserts the notion that financial harmony often translates to marital bliss. The article suggests couples take a few moments after becoming engaged to discuss each other's financial health, attitudes toward money and perspectives on how to manage finances once they tie the knot.

Mr. Opdyke suggests newlyweds discuss each others' assets, liabilities and financial histories, while also determining how financial responsibilities and accounts will be divided or combined.

Marriage is in many respects a contract forming a unified economic unit, almost like a merger in the business world, according to an article by the Illinois State Bar Association dispensing advice to newlyweds. In Illinois, the article states, "any earnings or assets acquired by either party during the marriage" are treated as joint assets, which becomes important in the event of a divorce.

Another consideration is what to do with financial matters and children in event of you and/or our spouse's death, which according to the State Bar is best resolved through the drafting of a will. An Illinois family lawyer can help with that.

While no one wants to think about divorce or death before the wedding date, everyone benefits from transparency and a full understanding of the financial implications of marriage. For more information about love, marriage and money, please visit our Related Resources.

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