by Tom Geoffroy

Created on: July 17, 2010   Last Updated: July 18, 2010

"For richer or poorer, till death do us part." These are familiar words spoken by millions of couples at the time of their wedding, but most only expect the "richer" part. Believing their future will be bright and prosperous, they seldom have a plan to make it happen. If they have no plan, then they plan to fail. If there is a plan and they don’t work the plan, the result is the same; poorer instead of richer. Marriages fail for two main reasons; unmet expectations and lack of communication. Financial problems grow out of these two foibles. In order to have a financially sound marriage, couples need to sit down before the wedding and communicate their expectations and plans on how to meet them. Here are some suggestions to follow in order to live happily ever after.

♦  Select who will manage the finances

Marriage brings two halves together to make a perfect whole. This does not mean everything is 50-50. Each person must bring 100% to the relationship. When it comes to finances, each spouse may not be as gifted in this area as the other. Decide who will handle the day to day bills, deposits, communication with banks, and other financial institutions. It is not the person earning the most money but the person with the best skills. A husband who earns more but is not diligent at paying the bills on time is a poor choice as the family financial steward.

♦  Set short term goals

Now that you know who will do the managing it is time to discuss short term goals. Short term you will need to budget for food, housing, clothes, entertainment, and emergencies. Communicate your thoughts together and come to an agreement on these matters. These are things you will be dealing with everyday. Having a plan for these things will go a long way in reducing stress in any marriage.

♦  Long term goals

Long term goals are things like collage for the kids, retirement, long term investment, purchase of a house, or more extravagant vacations. If you plan on having children, will mom stay home and care for the kids? It is possible if it is planned for. Keeping your goals before you and working a plan to achieve them will enable you to look forward with joy and expectation and not dread.

♦  Sharing assets

What’s mine is ours, and what’s yours is ours. All the financial assets in the relationship should be jointly owned. Remember when the marriage took place the "two became one." It is best to set up two joint checking accounts

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