Finances are an area of concern in any partnership – but especially in a marriage. In fact, according to a study reported in the Huffington Post titled “Examining the Relationship Between Financial Issues and Divorce“, arguments about wealth were the number one predictor of divorce among married couples. By a long shot, couples who frequently argued about financial issues were more likely to split up than couples who argued about other things, such as parenting, in-laws, or sex. Arguments over money were also likely to be longer and more intense. Coincidentally, couples who argued about finances also reported lower levels of satisfaction in their relationship. If you are recently married or are planning on marrying, it’s crucial to lay out a financial plan that both parties can agree on. The following suggestions can help you in the financial merger of marriage.

Marriage is a Partnership

Today, it is no longer the case that most couples consist of one breadwinner and one dependent, who would typically stay home to take care of children and manage the household. Women are now more likely to work outside of the home, making them less financially dependent on their partners. However, that is not to say that one partner may become dependent on the other partner at some point in the marriage – for instance, one partner may get laid off, stay home to take care of children when they are young, or decide to pursue more education. The point is to treat marriage as an equal partnership wherein both partners are working towards the betterment of the family/couple – be it in the form of providing financial, emotional, or other forms of support. One partner’s dependence on the other financially should not be a source of resentment.

Bank Accounts

One of the first financial moves following marriage is the creation of a joint account. This is a practical idea, considering that couples often have a lot of shared expenses, such as a mortgage or rent, car payments, bills, utilities, and groceries. However, it may be a good idea to also keep separate accounts in the case that one partner is responsible for paying off his or her own expenses, such as personal debt. This should not be an excuse to keep financial secrets from each other, but merely a way to encourage freedom and independence within the couple.

Discuss Financial Priorities

It’s important to work together to determine a budget and discuss long-term financial goals. You might find that you differ from your partner in your approach to saving or spending and that’s okay, so long as you are able to talk about it without resorting to arguing.

You will have to make some compromises, after all, but you shouldn’t feel as though your opinion is not being heard. It’s also crucial to discuss ahead of time how you will handle tough times, should you fall upon them. Unexpected circumstances, such as unemployment, are make or break moments for couples. Prepare for these situations as best you can by discussing the approaches or solutions you will take as a couple.