NEW YORK (WABC) — When we talk about relationships, money isn’t normally part of the conversation, but maybe it should be. A lack of financial intimacy could cost you more than just dollars.
For a lot of couples, money talk is taboo.
“You shouldn’t be embarrassed. You shouldn’t feel like you are imposing on someone. This is your life, and you need to take care of it,” said Marilyn Chinitz, Partner, Blank Rome.
Money is typically seen as one of the top issues couples fight about, but Chinitz says having “financial intimacy” is an important building block to a healthy partnership.
“It’s not just about sharing numbers or financial information. The concept is much broader. It is being transparent about your income, your assets, transactions. It’s being open and honest and even collaborative when it comes to money,” Chinitz said.
You don’t have to be an expert to achieve this, just start with a quick money chat.
“Let’s sit down and talk about our financial circumstances. What do we have? What accounts? How much is in there? What debt do we have? Does that debt outweigh the equity, for example, in a marital home? People wake up too late, and they need to take charge of these critical financial matters before it gets out of hand.”
And if you’re looking to take the next steps in your relationship, Chinitz recommends considering a prenuptial agreement.
“One of the good things about having a prenuptial agreement before you get married is that you have to make financial disclosure, and that becomes really important because you’re marrying somebody,” she said.
Financial intimacy isn’t about protecting your wallet, but your relationship.
“It’s about the transparency and the honesty and the openness as to your financial circumstances. It doesn’t matter if it’s separate property or marital. If you are embarking on a marital relationship and you want it to be an open relationship with your partner, then these are the discussions that you have,” Chinitz said.
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