Web Wealth: Money issues for couples and singles
Money has an enormous effect on domestic relationships. Marriages are made and broken over money. Money troubles may scare people from divorce. And being single has its own issues.
Money has an enormous effect on domestic relationships. Marriages are made and broken over money. Money troubles may scare people from divorce. And being single has its own issues.
Half the fun of this investopedia.com post on "marriage-killing money issues" is seeing the related Web links, such as "The Tax Benefits of Having a Spouse," and "Kids or Cash: The Modern Marriage Dilemma." Issues including the debts spouses bring to a marriage, and how each spouse approaches spending after marriage, can tear a relationship apart before it's had time to thrive. Still, the article says, "challenges aside, getting married can have serious financial advantages. It is a great way to double your income without doubling your expenses. If you can synchronize your goals, you reach them much more quickly" than you could by working alone.
Couples who aren't married but who live together "face unique money issues, and are less likely to plan for their financial future than married couples," says this post at about.com's area on financial planning. Things to consider in this case include taking pains not to mix finances early in the relationship. Then, "as the relationship grows and your income and assets begin to increase, you may want to hire a family lawyer to draw up an agreement that addresses what will happen to your assets if your relationship ends."
Noting that "it's not just the cost of getting the divorce, but also the often-extreme lifestyle shift that comes when one household cleaves into two," Bloomberg News explores the financial side of divorce. In a wearying 15 screens, this article outlines the high cost of divorce lawyers, accountants, and taxes, along with methods of estimating and cutting divorce costs using software and apps.
Single people know there's no relief from money worries just because they aren't attached to someone who can share or fight over finances. This article at usnews.com explains some ways single people are financially stressed. In particular, it cites a study showing "that couples were more likely than singles to have taken steps to pay off debt, met with a financial adviser, and invested for retirement."
Legal information site nolo.com provides a list of marriage's financial benefits and rights that include tax benefits, employment benefits, consumer benefits, and legal protections. The article also describes how federal benefits apply to same-sex marriages and other unions.