Suze Orman Shares Two Critical Tips For Financial Success When Getting Married – Says Arguments Over Money 'The Number One Reason For Divorce Today'

In a recent episode of Suze Orman's "Women & Money" podcast, she shares some important advice about financial intimacy before a couple marries. Her advice primarily covers two critical tips: getting to know everything you can about your significant other's financial habits and avoiding debt at all costs. 

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A study from the Institute for Divorce Financial Analysts reveals that money issues are a contributing factor behind at least 22% of divorces. Other sources say that anywhere between 20% and 40% of divorces stem from financial problems. 

Orman shares that in her book "The Courage to Be Rich," a chapter called Love and Money highlights all the questions couples should ask one another before getting married. "So, before you get married, what do you do financially?" she asks. "You become as financially intimate with each other, you know, the person’s finance habits." 

She suggests that couples should ask questions and discover everything they can about their partners’ spending habits – like, are they a big tipper even if they don't have money? What are their credit scores? Do they save money well? 

"You have to make sure that when you do get married, you pay all the bills together, and you make all the investment decisions together," Orman says. She also states that couples should have three bank accounts: one for each person as well as a combined account. 

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On financial intimacy, Orman points out that the family also plays a role, expressing that it's important to know what your expectations will be if you have a large family. "Are you expected to buy gifts and do all these things for all the family members on holidays and things like that? Regardless of your money, you have to know everything about them financially, intimately speaking."

Beyond financial intimacy, the second critical tip from Orman for financial success in marriage is to stay out of debt. "If all of a sudden you find that one of you is carrying a balance on your credit cards and only paying the minimum payment due, they have started going down the path of financial debt, credit card debt, which really can be the ruination of a relationship." 

Orman also states that couples shouldn't make large purchases without consulting their partner.

KT, Orman's co-host on the podcast, adds, "Financial intimacy is more difficult than personal intimacy. We both learned that from years and years of listening to what husbands, wives, partners, and spouses don’t know about each other." 

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Many couples struggle with understanding each other's financial situations, leading to misunderstandings and conflicts. Open communication about finances can help couples avoid these pitfalls.

On a parting note regarding debt, Orman shares that it's important not to start a marriage by going into more debt. "One last thing, don’t spend a lot of money on a wedding. And if anybody has to finance the wedding by putting it on a credit card, you cannot afford it. You are denied, don’t do it, don’t do it, don’t do it."

By understanding each other's financial habits, sharing responsibilities, and making prudent financial decisions, couples can build a solid foundation for a successful marriage. Financial success in marriage requires open communication, mutual understanding, and a commitment to staying out of debt.

For personalized advice tailored to your specific situation, consulting a financial advisor can be invaluable in ensuring your financial strategies align with your long-term goals.   

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