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Getting married? Check the ‘money compatibility’ (Part 2 of 3)

Who will be the money-manager?
Actually no one person should be the money manager. Both partners should play a role in managing the finances. There are various aspects to money management e.g. managing household expenses, managing investments, planning for big-ticket purchases etc.

Therefore, if say the woman is good at investments, she could handle that aspect. The husband could then take care of the expenses part. Traditional roles are a passé.


Are you or your partner in debt?
Nowadays, personal loans, credit card outstanding and such other debts have become quite common.

Debt, after all, is a burden. And after marriage it becomes a joint responsibility. We must, therefore, exchange information about our debts. It should not later come as a shock to the other partner. Once there is a proper knowledge and understanding on the extent of this burden, appropriate steps can be taken to rationalize/eliminate it.

What happens to the assets?
Say you have built-up a nice investment portfolio. What happens to it after marriage? Do you keep it and manage it separately? What if your partner wants to manage it? What if he or she wants a big chunk of it?

Clarity on these issues will avoid any ill-feeling later. In fact, in US prenuptial agreements are quite common, wherein both partners put down on paper as to how they would like the assets to be handled in case of death or divorce. As double-incomes (and separations) rise, we may see such agreements become common in India too.


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