Divorce & Money: Why Even The Happily Married Should Prepare

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YourTango Experts advise couples to prepare financially for divorce, no matter how in love they are.
  • What percentage of income is going into savings?
  • How do you see yourself contributing to the overall savings plan for your family?
  • What bills will you pay? What bills will your partner pay?
  • Do you want shared checking/credit card accounts?
  • Will both names be on joint assets?
  • How much tolerance do you each have for debt?
  • How do you want to talk about spending? Is there a threshold that's “ok” to spend without talking about the purchase? If so, what is it?
  • How will you deal with differences between your spending and saving habits?

Ideally, you need to know the answers to these questions BEFORE you are married, but most couples can benefit from visiting this topic even after they're married. Especially when children arrive, parents pass away and other influential events happen that affect your overall financial picture.

Financial literacy will make it more likely that your marriage endures. At the same time, if you should divorce your financial literacy will help you to deal with the trauma. While this is not a fun or romantic prospect, there is nothing attractive or romantic about living in poverty with children after a divorce or looking back with hindsight and wishing you had asked some harder questions about money.
 

 
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