Think twice before giving up financial control at the altar

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By Elizabeth Renter

Marriage means sharing your life and, usually, your finances. But some people relinquish all financial control to their new spouse when they say “I do” — a move that could prove harmful if it means losing awareness of household money matters.

No one likes the thought of losing a partner. But if your husband or wife has managed all the household money, the stress of divorce or death is compounded if you have to piece together your finances in the aftermath.

Income and expenses, details of where the savings, investments and debt are held, and the amount of each item — these are all crucial bits of information that spouses are better off sharing with each other, even if one takes a more active role in managing it all.

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