Marriage and business have many similarities. As in business, financial matters in marriages play an important role, and if the partners fail to be open about money matters, problems may arise. Sadly, money is cited as the source of contention in many Ontario marriages that end in divorce.
The decision to get married is a significant one, and couples who make time to talk about money matters before the big day may be better off. While some avoid these conversations at all costs, others realise the importance of financial disclosure. Subjects to discuss include budgets and who will monitor bank accounts and manage regular payment of bills. Disclosure of any existing debt will give a couple the opportunity to discuss options for dealing with it.
Some couples choose to keep separate accounts while others opt for joint bank accounts. Some may share only a household account, or they may want to share one credit card for household expenses -- the choices are up to the particular couple. The mutual decisions can be made based upon what is best for both of them. If these issues are discussed before the marriage, the couple may be able to avoid unpleasant surprises that can cause contention early in the marriage.
Advisers have lists of do's and don'ts for young couples who get married in Ontario. Sadly, money issues continue to spoil marital bliss of many couples. Those who are considering divorce may benefit from discussing their options with an experienced divorce lawyer. Having skilled legal counsel to protect one's interests throughout the legal proceedings may ease the trauma of this difficult process.
Source: CBC News Business, "For love and money: couples need to discuss finances", Nisha Patel, Accessed on June 17, 2017