The Biggest Money Mistakes Couples Make

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One other very important detail is that any two people who co-habitate, married or not, should have life insurance to cover their portion of any debts including living expenses for a while for the surviving partner. So few couples have adequate insurance and it would make a world of difference if the worst were to happen. That provides more peace of mind and says "love" more than giving gifts.

JCost of TN 12:30AM May 08, 2012

Good points. I would add one other mistake for two income families. That would be to base their standard of living on both incomes. This can easily cause a couple to over-extend the use of credit. The loss of all or part of one income due to illness, layoff, or child birth can create an instant financial crisis. My wife and I always lived on the equivalent of one income, and when there were two incomes, saved the second. This approach allowed my wife to return to college to finish her degree when she got laid off early in our marriage; it allowed me to quit my job and start my own business, it allowed my wife to take a leave from her job to care for an ailing parent. Of course, it also allowed us to build savings rapidly.
http://www.docstoc.com/docs/115201889/A-Time-Span-Longer-Than-What-A-person-Requires-Definitely-Contributes-to-Winning-Foreign-Exchange-Trading

EdwardJohnson 1:12AM March 06, 2012

What about the old professional's guide for second marriages, those in the retired or almost retired category., considering one with high income & one with low income; one with a dependent & one without, what guidelines are applicable here???

kate macleod 9:27AM January 20, 2012

This is an excellent article. Have you written a personal financial planning article for engaged couples before they get married, specifically guiding couples for what to expect once they are married and then get divorced? Is so, please republish or write one for your readers. So many couples get married without knowing what to expect financially and legally if the marriage does not work out. Some of the planning points are similar, but many are not such as how marital assets are generally split in most states (retirement, pension, equity, debt) and the general laws for child custody, child support, alimony, etc. The average married couple does not know what to plan for until it's time to plan the divorce and its too late. If I knew what I knew the financial rules for married couples before I got married, I would have planned differently before getting married and made different decisions throughout the early years of the marriage. Signed, Separated and Soon To Be Divorce

Carron of VA 7:28AM September 04, 2011

I am 66 years experienced. As we Baby-Boomers say, been there and done that. I experienced two (2) marriages. If I had of hade this imformation when I was younger there would of hopefuly been only one. Take your time.

elizabeth of TN 1:03PM August 25, 2011

I was married and I thought it would last forever,just the problems did.I have children and the eighteen years of buying cloths for a teenager isn't cheap, then from there its cell phones and so on.All Im saying is that if your going to get married please be sure you both have the same outlook on thiings and do everything together or you will start to do it on your own , and then its downhill from there.A couple is two, and always be there for one another .Take my advice ,youll be better for the both of you.

Penny of NV 3:31AM August 16, 2011

You won't have to worry about these 'split-up' concerns, if you will honor your vows: "Til death do us part"-- if we don't plan to fail, we don't need a plan for failure!

WindSong Girl of TX 2:52PM May 04, 2011

Too many young people getting married these days speaking traditional or their own cutsie vows, saying words they don't mean, they haven't seriously thought about any of the Real What If's or Till Death due us part... Beware- That could be a Very Long Time. Make sure you are ready to handle All that comes w/marriage including the good, bad & ugly!
Girls- If ur guy is immature,has emotional probs, family issues, addictions, or bad habits ? RED FLAGS ! Warning !! He Won't Change -You can't Help him !
And Boys- think about what your saying & doing with your heart plz. Think about the commitment(ie. weight /looks other stupid things u nvr say matter but does) responsibilities, kids?, money, independence, freedom, lifestyle, etc. Use ur Brain** Beware, Must Pass DRug & Alcohol Test like the good Lord says "everything in moderation" Learn 2 Love & Respect Yourself 1st

Diane of CA 1:48PM March 25, 2011

Love is a beautiful experience. Divorce projects feelings just as intense. Take a look at how the movie stars handles their money and learn from this. If your partner has a problem with this adult way of thinking, then maybe your with the wrong person. Love is love. Marriage is a business surrounded with love.

Robert Simmons of LA 12:26PM March 16, 2011

I think that before finances even become a topic you should somewhat know who you are dealing with. If you trust to the bottom of your heart that you and your significant other are going places and have the same objective in mind (other than the way you look), then money shouldn't be an issue. These days there is too much segregation in relationships. Everybody wants to control everything and what's the best way to do so........Money and materialism. Me personally I'm renting my house and if me and my wife and lover for 8 1/2 years just so happen to break up she can have it all. If you have to fight about the house or the car it's because you're afraid that you can't acquire these things again without their assistance. Also during a break-up if your significant other is selfish enough to take the house that you both acquired together and leave you in the cold when they have else where they can go and you don't or take the car but not the kids is a selfish individual who is looking for somebody to kiss their butt and you are more than likely better off without them.

SuMbOdY wHo KnOwS of FL 1:27PM March 09, 2011