Couples 'should discuss finances early on'

Wednesday 20 April 2011

Article by Mozo

Couples should discuss how much money they each have in savings accounts before they tie the knot.

Couples 'should discuss money early on'

According to the Sydney Morning Herald, money is often a big factor behind divorce and this can be avoided if partners compare savings accounts before they walk down the aisle.

Indeed, family lawyer Karen Ackerman told the publication she is often shocked by the number of clients that are oblivious to how much money their wife or husband receives each month.

"There are people who don't even know how much their spouse makes because their salaries are not deposited into a joint account," she reportedly said.

It is important for couples to figure out how much debt they have before they enter into a commitment, as combining the finances of newlyweds can be challenging at the best of times.

Praemium Limited chair Don Stammer recently wrote in the Australian that families also need to maintain better control of their outgoings by monitoring payments made on credit cards.

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