Pre-Marital Financial Counseling

We have all heard the stats that about 50% of marriages ends in divorce. However this stat does give credence to the statement, "Hope for the best, but prepare for the worse." Maybe if more couples engaged in pre-marital counseling or better yet in pre-marital financial counseling that stat might not be so high.

There is a company in Boston, Lantern Financial, that does pre-marital financial counseling through a program they call Harmoney. The New York Times recently did a piece on the company and what they consider to be the four financial issues that should be discussed before getting married. There are of course other issues but I agree with the four.

1. Ancestry
Because so many of our money behaviors are learned, couples should share their earliest money memories. How did your parents deal with money, how does that impact how you deal with it, and how might that impact the relationship.

2. Credit
Full disclosure on the credit history. No real explanation needed, we all know how important our individual credit ratings are.

3. Control
Who will be the person responsible for paying the bills each month? How much will each person contribute to the household account? When you have been living on your own and managing the bills yourself, you may or may not want to give up that control. It's highly unlikely you and your mate make the same exact amount of money so how do you fairly divide the bills?

4. Affluence
What is your desired level of affluence? Basically how rich do you, as a couple, want to be one day? If she wants a big house and a large family and he wants a small house and no kids, you gotta find some happy medium and decide what that is before you say "I do."

So what's my solution to avoiding divorce and not becoming another bad statistic? Getting married later in life (I'm almost 30 and marriage is not on the current horizon) and I know I will seek pre-marital counseling of every form. Because I'm Type A and have to have a plan for everything ;)