Marriage is a Financial Agreement

Your Momma never told you marriage is a financial agreement......so think long and hard about joint purchases.

Ladies...I used to think people stayed married mainly because they were in love....but the truth is...they stayed married because of the house,the car, and the credit cards...in short...they were financial chained to their man.

Ladies....marriage is a financial agreement....it is not a love agreement. Oh we say we will love each other till the end of time but the truth is...we may not. But what each person does get from a marriage...is a financial entitlement to each other's money from the moment you say I DO. I am talking about the 401 K, investments and savings.

After several years of marriage, you are financial linked to this person in ways you can not imagine. Put simply, you come to a point where you can't afford to leave because it would be financial suicide. And ladies...when I tell you divorce is expensive...I mean it is sell your all your jewelry, cash out your 401 K, borrow from your parents...expensive. Court costs, mediation, lawyer's fees, psychiatry fees...the list goes on and on. And let's not talk about dividing the house, the cars, the furniture, the savings, the investments,...etc.

Now if you are married to a true life partner and you are in agreement how to spend the money....marriage can be a benefit. Congratulations. But if you are in a marriage with a someone who loves to spend money...especially on themselves...you are in trouble. You will be up all night running calculations, preparing for yard sales, plucking gray hairs, and robbing Peter to pay Paul.

So...here are some tips.

1. Have financial meetings once a month with your man. Review all of the bills, investments, 401 K balances, deeds, life insurance policies...etc. You need to know if any of these items have been altered or depleted.

2. If you are married to a spender, review your bank accounts online daily and keep track of all transactions. Go immediately into counseling for yourself and as a couple.

3. Sign up for credit tracker for both you and your spouse. Set up automatic alerts, so that you know if a credit ratings has changed. Remember your credit is linked to his so you need to know what he is doing.

4. If you are in a marriage with someone you do not trust with money, buy everything seperate. Let one person buy the home using his/her salary. Now many may say this is risky...but if you don't trust your husband with money...the last think you want to do is link yourself to an expensive purchase such as a home. If he want to buy a house, let him...and you buy your own and rent it. Trust me..you will need the extra income.

5. Read, Read, Read...about money. Go to the library, seminars. or download podcast about money.

6. If your man has a kid, accept that fact you may have to pay child support or back child support. .

7. If you are ABOUT to get married, run a credit check, review his tax records for the past five years (there may be a hidden kid somewhere) and have a financial pow -wow about how much debt you are both in. Don't start a marriage off with financial secrets.

Ladies...wake up. Many of us are the bread winners...you have to be financial aware in a marriage. You must go into marriage with your eyes wide open and fixed on the finances.

Til Next Time Ladies