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Experts urge millennials to have a frank financial discussion

In a previous post, our blog discussed some of the benefits of a couple executing a prenuptial agreement before taking a trip down the aisle. However, it's important to understand that not every couple will be open to executing a prenup -- or even discussing the issue -- as they perhaps don't find it relevant to their unique situation.

According to experts, this view is actually fairly common among many young people -- or "millennials" -- who are just starting out in life, and who share somewhat differing views on marriage and divorce.

While this is certainly acceptable, experts indicate that these young people planning to get married should still take the time to discuss certain financial issues ahead of time, as it will help clarify any misunderstandings, solidify expectations and, perhaps most importantly, help avoid a trip to divorce court.

What then are some of the issues that soon-to-be married millennials should consider discussing?

Experts recommend that engaged couples have an open and honest discussion about debt, including full disclosure about student loan debt, credit card debt and any other financial encumbrances that will still be there after the wedding.

This disclosure, they argue, can go a long way toward eliminating potential discord and laying the groundwork for strong financial management moving forward. Experts also recommend that couples examine one another's credit reports and establish expectations regarding the paying down of debt before the wedding.

Another interesting recommendation made by experts is for young couples to sit down and create a realistic budget. This makes perfect sense when you consider that money is almost always citied as the primary cause of divorce among couples of all ages.

Having a set budget in place, expert theorize, can help couples both avoid financial strife but also begin planning for important future expenditures (i.e., home, car, children, etc.).

If your marriage is simply not working out as you envisioned and you would like to learn more about divorce or divorce-related issues here in Florida, consider speaking with an experienced attorney.

Source: The Wall Street Journal, "Financial issues to discuss before you get married," Daniel Lippman, September 29, 2013

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