Discussing Money with Your Honey

Even though money disagreements are one of the leading causes of divorce, very few couples actually discuss how they will manage their finances before they say "I do". Financial experts recommend talking through everything from separate checking accounts to paying taxes before taking the walk down the aisle.

In order to start married life on the right financial foot, couples are encouraged to work through issues such as how the bills will be paid and by whom. It's also a good idea to talk frankly about credit histories, so there won't be any big surprises (or disappointments) when it comes time to make a large purchase. Examining the overall tax situation and determining which type of filing will provide the biggest benefit would also be beneficial.

Perhaps one of the biggest decisions couples face is whether or not to have a joint account, separate accounts, or a combination of both. A joint account may be the simplest and could help a household stay on budget. But some couples may feel limited with just one account and not having their own money. Another option is to have one joint checking/share draft account and two separate checking accounts, with most of the money going into the joint account to pay daily expenses, and the rest divided between the two other accounts.

Finally, experts say a couple would be smart to map out a savings plan and start looking into individual retirement accounts and long-term investment options as soon as possible.