Nearly Half of Divorced or Separated U.S. Adults Wish They Had Spent More Time Discussing Finances Before Marriage, Finds New CouponCabin.com Survey

WHITING, Ind., May 23, 2012 /PRNewswire/ -- As wedding season kicks into high gear, a new CouponCabin.com survey reveals the importance of pre-marriage financial discussions. Nearly half of currently divorced or separated U.S. adults (48 percent) said they wish they had spent more time discussing finances before getting married. More than one-quarter (29 percent) of currently married U.S. adults said the same. In addition, if they had to do it all over again, 55 percent of divorced/separated U.S. adults said they would definitely or probably consider a prenuptial agreement to protect their finances. This survey was conducted online within the United States by Harris Interactive on behalf of CouponCabin from May 1st – 3rd, 2012, among 2,210 U.S. adults ages 18 and older.

A variety of different financial topics were revealed as vital for couples to examine before heading down the aisle. When asked what they thought were the most important topics for soon-to-be married couples to discuss regarding their finances, married, separated or divorced adults said the following:

• Spending habits – 79 percent
• Existing credit card debt – 78 percent
• Monthly budgets (e.g. household expenses) – 74 percent
• Long-term financial goals – 74 percent
• Other existing debt – 71 percent
• Division of monthly household expenses (e.g. who will pay for what) – 56 percent
• Other – 8 percent

Once couples tie the knot, honesty about spending habits can be challenging. In fact, 41 percent of married U.S. adults said they have hidden purchases from their spouse.

"With wedding season upon us, it's a good reminder for couples at all levels to communicate openly and honestly about their financial habits and goals," said Jackie Warrick, President and Chief Savings Officer at CouponCabin.com. "Conversations about money, while they can be difficult, help to better prepare couples for the challenges that lie ahead."

Sometimes financial hurdles pop up further into a marriage. When asked which financial "skeletons in the closet" they found out about their spouse after they wed, currently married U.S. adults and divorced/separated U.S. adults had significant differences. Overall, 45 percent of U.S. adults who are currently divorced or separated said they found financial "skeletons in the closet" of their spouse, significantly more than the 16 percent of those currently married.

The financial skeletons discovered by divorced/separated U.S. adults after marriage include:

• My former spouse had a low credit score – 19 percent
• My former spouse carried large amounts of debt – 13 percent
• My former spouse lied about the income he/she made – 10 percent
• My former spouse had declared bankruptcy in the past – 3 percent
• Other – 18 percent

Those who have said "I do" before had a wide range of advice for soon-to-be married couples. When asked what was the number one financial lesson they would want to share with engaged couples, a random sampling of U.S. adults shared the following:

• Be honest and don't keep financial secrets.
• Share a checkbook for 90 days before getting married.
• Be secure with your partner's spending habits.
• Cooperate to make long and short-term financial goals. Develop trust and worth together.
• Dedicate an agreed upon amount to education and retirement funds and don't deviate from that plan.
• You can never save too much.
• Don't be afraid to talk about finances, especially when things are tight.
• Know each other's credit score.
• Live debt-free at all times.
• Always make sure your rent or mortgage is paid first, then little bills. If anything is left, go out on a date.

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Survey Methodology:
This survey was conducted online within the United States by Harris Interactive on behalf of CouponCabin from May 1st – 3rd, 2012 among 2,210 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore, no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact: Allison Nawoj, [email protected].   

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