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Money questions couples should ask one another

Couples in El Paso may be more likely to divorce if they are in their early 20s compared to other age groups. While first marriages end in divorce almost half the time, second marriages fail at a rate of 60 percent or more and third marriages at 70 percent or more. One of the main reasons couples divorce is conflict over money.

Understanding one another's attitudes toward money prior to the marriage may help, and having a conversation about those attitudes is important. Couples should talk about what debts they have, including student loan debt, and what assets they are bringing into the marriage. They should also discuss whether they intend to combine finances or keep them separate. If one or both is due an inheritance, they should clarify whether they plan to keep it in their name. The couple may want to create a prenuptial agreement.

Attitudes toward saving and budgeting should be discussed along with taxes, insurance and bills. The couple should talk about whether they have estate and retirement plans and whether either will stay home with the children if they have them. Couples with children from previous relationships should talk about how they would split property between their spouse and those children.

If a marriage does fail in spite of efforts to communicate about topics like these, couples may have different needs at different stages of their marriage. For example, a couple who are both marrying for the third time might be more likely to have a premarital agreement. A younger couple might focus primarily on alimony while an older couple could be concerned about protecting their retirement. An attorney may be able to assist a person who is considering divorce in prioritizing the main issues they will deal with during the process.

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