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Discussing money and relationships

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Discussing money and relationshipsWe talk to UW Clinical Professor Christine Whelan about finance and romance.
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Discussing money and relationships

"rocky steps."

Jeff bezos..the founder of amazon... and his wife mackenzie are divorcing.

They are the richest couple in history, and of course everyone wants to know how the finances will be divided.

Our guest today ...uw clinical professor christine whelan says ...wouldn't it be wonderful if they had talked about it beforehand and made a plan?

There's actually legal precedent for a 50/50 split of assets - and that precedent was set by a uw graduate, lorna jorgensen wendt, in the late 1990s.

Lorna's legacy was to educate women about financial equality in marriage .

And she was the founding donor of the money, relationships &amp; equality initiative at uw-madison that i now direct.

The mission of more is to provide education and useful tools to facilitate discussions about finance and romance through the life course.

Whether you are entering a serious relationship, confronting new issues that are coming up in a committed relationship, or ending a relationship and figuring out what's next, it's important to know your values are around money.

That fights about money are the single biggest reason people split up .

But really, those fights aren't about money.

They are about values and time.

Values: if he can about money.

They are about values and time.

Values: if he can buy a fancy car but i have to pinch pennies in the relationship, i don't feel like my needs and interests are value.

If one person in the couple donates lots of money to a cause they care about - and never consults with the other person about their charity of choice, that person feels like they don't matter.

Discussing values - where you want to spend, where you want to save, and how you'll decide about big purchases as a couple - is a very important first step.

Time: work that is done without pay in the home is just as valuable as work that is done outside the home for pay.

If a couple makes the decision to divide labor such that one person stays home to raise the kids and keep the house running, while the other works outside the home, each are equally contributing making the family work - and each person's contribution should be valued.

But you know what breeds resentment and fights?

When one person's time is not valued.

If you both work outside of the home, there should be an equal division of childcare and household responsibilities.

Don't wait until your relationship is on the rocks before you start a conversation about finances.

Talk money with your honey today!!

Also, in the segment it would be great to put up a link to &lt;http://more.sohe.wisc .edu>, which is the money, relationships &amp; equality where folks can find a free workbook to download, plus dozens of one-pagers on specific scenarios and



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