Kristy Archuleta, an associate professor in the College of Family and Consumer Sciences, was quoted in Grow from Acorns about a couple’s financial future.
Money is the No. 1 source of tension in marriages and a leading cause of divorce. Almost one in four millenials say financial issues caused their union to fall apart, according to a 2017 MagnifyMoney survey.
To get on strong financial footing with your partner: develop a joint budget, decide how much of your finances to combine, establish a management style, consider a prenup and start a wedding fund.
“There should be no restrictions and no questions asked about how you each use your ‘fun money,’ ” said Archuleta, who works in the college’s financial planning, housing and consumer economics department. “There is typically one person who is more interested or experienced in overseeing the finances, but don’t make assumptions—talk about who is going to do what. Regardless, if one partner is going to be handling most of the duties, the other still needs to be well informed of what is going on.”