Why Marriages Fail
Written on the 19 December 2018 by Dan Fox, Fox Finance Group
A recent article titled "7 Reasons Marriages Fail in the First 5 Years" by Jeremy Brown lists the second major reason marriages fail is "Finances".
Often each party to a new relationship will have their own debts and their own ideas about what a successful financial future looks like to them.
Buying a home, investment property, leisure goods (boat/jet ski/camper trailer/motorbikes etc) or just making sure you have enough savings for your children's education are all important financial considerations. But before you can effectively start planning for these goals you need to ensure your individual finances are in order.
Often, we hear clients who have been married only to find out later that their new partner had some un wanted debt. We often call this STD (Sexually Transmitted Debt). I can't stress enough the importance of being open, honest and formulating a positive plan to rid your relationship from any previously accumulated debt.
Here at Fox we believe that the timing of a marriage presents a perfect opportunity for both parties to come together with an experienced financial planner to discuss and document not only your individual financial goals but your new "Couple" financial plan. Together we can eliminate the second major reason marriages fail, even before you tie the knot.
"To me, it makes complete sense to work with your partner and a qualified financial planner and put plans in place to pay off your individual debts, start saving for your goals whether that is a home, boat, children's education etc and have real direction and clarity in your joint finances" says Dan Fox.
So, lessen the risk of your marriage failing by being open and honest with your partner about your finances and take the step together to document your finances in a Couples Future Financial Plan.
To find out more information or to book your couples future financial plan meeting click HERE
Author:Dan Fox, Fox Finance Group
About: Founding Director - Fox Finance Group