Money is often cited as one of the top reasons for marital problems, but it doesn’t have to be that way. Marriage is a relationship built on mutual trust and understanding, and when it comes to finances, it’s essential to find a balance that works for both partners. In this blog post, we will examine how money can impact a marriage and explore how couples can utilise financial strategies to maintain a healthy and happy relationship.

The cost of weddings

When it comes to marriage, the cost of the wedding can often set the stage for the relationship in many ways. Unfortunately, couples usually take on more debt than they can afford to handle to have the dream wedding. This can lead to stress early in the marriage, which may sometimes contribute to divorce. The average cost of a wedding in the US is now over $33,000. In comparison, this exceeds the median annual income of a two-person household, and it doesn’t even include the cost of the honeymoon or other related expenses. The amount of money spent on a single day could be better invested elsewhere, such as in a joint savings account. For couples starting off their marriage with a lot of debt, it can create tension in their relationship and could even lead to dating and relationship issues down the road.

Starting on the wrong foot

It is a sad but actual fact that the beginning of a marriage can often predict its eventual outcome. Unresolved financial issues are the leading cause of divorce, and if a couple isn’t on the same page when it comes to money, it can spell disaster for their relationship. This is why it is so important to have conversations about finances before marriage, and ideally, even before dating or entering a serious relationship.

Money can be a tricky subject for many couples, so having open and honest communication about financial goals and responsibilities early on in the relationship can help avoid conflict later on. Discussing money can be challenging, especially when one partner earns more than the other or when debt is involved, but it is essential that these conversations take place. Having an understanding of each other’s financial histories and spending habits can help prevent issues from arising during the marriage.

It is also essential to have a plan for the future. Have you discussed the cost of weddings? What about buying a home? Even the most solid relationships can fall apart if there is disagreement over long-term financial decisions. Taking the time to discuss these topics and finding mutually agreeable solutions can help ensure that your marriage remains strong and healthy.

When one spouse makes more money

When one partner in a marriage or relationship earns significantly more money than the other, it can have a profound impact on the relationship’s dynamics. It is not uncommon for one spouse to earn more money than the other, but this disparity can become a source of tension and resentment if not handled correctly.

For some couples, the spouse with more financial resources may assume a leadership role in the relationship, making decisions without consulting their partner. This can cause a feeling of being powerless or less valued in the marriage. If these feelings are not addressed, it could lead to further resentment or even divorce.

In addition to the emotional issues that arise when one spouse earns more money, there are also practical considerations to consider. For example, a couple who is dating may be hesitant to move in together if one partner earns significantly more money than the other, as it could mean that one person will bear a greater financial burden.

Married couples where one partner makes more money should strive to be mindful and open when it comes to finances. Both partners should feel like their opinions are heard and respected when it comes to budgeting and decision-making. Open and honest communication is crucial for preventing resentment and potential conflict in the future.

Conclusion

When it comes to marriage and finance, the key is communication. From the start of dating to wedding costs to who makes more money, having honest conversations can make all the difference when it comes to relationship success. Having a partner who is willing to discuss these issues and work through them together can help couples to have a strong financial foundation. However, if tensions are not appropriately handled, finances can lead to divorce. If you find yourself in a situation where finances are becoming a burden in your marriage, don’t be afraid to reach out for help. Relationship experts like Odyssey can provide couples with the tools needed to have successful conversations about money and learn how to thrive in their marriage.