January 30, 2012

Premarital Financial Counseling: What happens with a Dating Site and talking money?

By admin in Money Before Marriage Lesson

Premarital financial counseling is not just for people in the wedding industry. It is also for the dating sites. I had the pleasure of being interviewed by a Dating Site and the host stated that they had not talked about finances and she was looking forward to our interview. What an awesome time we had because we were able to discuss finances from the young to the older people entering in relationships. Talk about a lot of fun because one of the questions was how does an older couple where each person has been married before and are about to enter into a committed relationship bring up the topic of money. I shared with her how many couples that are older - have had experience with money and marriage so they are more apt to discuss it because they do not want to repeat those patterns that happened within their first marriage. They are more honest about what their needs are. I also shared that they must discuss children, child support and/or even spousal support if it supplies. Another fabulous question was should there be a prenup? Whew, I shared with Gloria how in the beginning I used to think if you got a prenup that meant you were already planning for your marriage to end in divorce. Yet, as I became wiser I realized that there are some situation that call for a prenup. The key to a prenup is to make sure it is beneficial to everyone. I also recommended that grooms do not pop a prenup on a bride a week prior to the marriage. That will send the wrong message and the bride will wonder if she ever knew her fiance'. The hits keep on rolling in. The next question that we discussed was a favorite was should couples have a joint account and that's it. I discussed why there's a benefit to a combination of accounts and how when there's only one account and one person managing all the money it leads to problems later on. Or if a spouse dies and the other person was not aware of the accounts and there's no accounts or credit cards in their name, they don't know where to start. Hopefully I will be able to provide a link for you within a couple of days where you can listen to this interview in its entirety.

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