published : 2023-10-01
Single with money in the bank? Tips for protecting your wealth while searching for true love
Experts reveal how wealthy individuals can protect, maintain and grow their money when looking for love
Some people may believe that money and prestige can solve all problems, but experts say that's not always the case when it comes to finding true love.
Celebrity and executive divorces seem to reflect this phenomenon as the elite try to safeguard their wealth.
Concerns about money aren’t exclusive to the ultra-rich, of course.
Nearly a quarter (22%) of divorces in North America are the result of ongoing money issues and arguments, according to the Institute for Divorce Financial Analysts.
Here’s what money management professionals, lawyers and relationship experts say about well-off singles and how they can protect their finances — whether they’re looking for love or are already married.
Couples who fight about finances are usually not fighting about money itself, but the values and habits surrounding it.
That's according to Laura Wasser, a Los Angeles-based divorce attorney who serves as chief of divorce evolution at divorce.com.
Disagreements on spending habits, differing financial goals, or one partner feeling like they bear the financial burden can strain a relationship.
Taylor Kovar of the Kovar Wealth Group and The Money Couple personal finance blog suggests watching for concerning personality traits when dating.
Potential partners who appear materialistic, codependent, impulsive, secretive, entitled, or in need of a financial savior could spell trouble when serious money conversations come up.
Excessive materialism is a personal finance red flag that could strain a relationship, according to experts.
Three personal finance red flags that wealthy singles should look out for include someone overly focused on material possessions, someone living beyond their means or expecting extravagant funding without a clear reason, and someone reluctant to discuss finances or debts.
Being secretive or evasive about personal finances, pushing for joint financial decisions early in the relationship, and being overly reliant on a partner’s income or portraying oneself as needing rescuing are other red flags to be cautious of.
Mary Hines Droesch, head of consumer and small business deposit products at Bank of America, advises discussing financial goals and priorities early on.
Couples should review finances, craft budgets, and have emergency funds to build a fair and manageable financial life together.
Russel Morgan, an estate planning lawyer, suggests placing money in accounts that are not easily accessible, diversifying investments, and seeking professional guidance.
Holly Davis, a family law firm expert, recommends discussing finances and seeking premarital financial counseling to start joint finances on the right foot.
Premarital financial counseling helps couples understand each other's financial styles and plan for their shared future.