Everyone knows that Canadians have a reputation for being polite, but could we be too polite for our own financial good?
One survey done by CIBC seems to hint that we may be, or at least some of us, when it comes to having “the talk” about finances with significant others prior to making a major relationship move. Only a third of couples do so before getting hitched or sharing a home together.
Research indicated that 35 per cent of those in committed partnerships who planned to get married or move in together over the next 24 months had a frank discussion about money. Another 40 per cent claimed to have briefly discussed how they intended to jointly manage their finances together.
Yet nearly all — 99 per cent — of the surveyed couples stated they believed it was important to share how they intended to approach financial matters together.
One tax and estate planning professional noted in a report that the survey findings tended to confirm that disagreements over money were strong indicators of future divorces. This was especially true with younger couples who experienced more financial stressors in their marriages.
Regardless of the reason behind the reluctance, it’s important to hash out the money issues prior to tying the knot if you want your marriage or relationship to stand the best chance of going the distance. Consulting with a lawyer who can draft a marriage agreement that takes both partners’ financial needs into consideration might not be very romantic, but it is pragmatic. However, both parties’ interests are best served by having an independent review of the agreement done by their own counsel.
Source: The Huffington Post Canada, “Canadian Couples Too Polite To Talk About Money Before Marriage,” David Hodges, The Canadian Press, Aug. 04, 2016