Financial conversations aren’t very romantic, but they are important. Here are four questions about money to ask before getting married.
What is your current financial situation?
Perform a thorough assessment of your combined finances laying out all assets and debts. This is also a good opportunity to check your respective credit reports so you know where things stand going in.
What are your goals?
Define your short- and long-term goals. Depending on whether you want to travel, start a family or go back to school, you’ll need to organize your finances differently. It’s important that you and your partner are on the same page about what your goals are and how you’ll achieve them.
How will you organize your banking?
Determine which accounts you’ll want to merge and which ones you’ll want to keep separate. You could, for instance, use a joint account for shared expenses but maintain separate accounts for personal expenditures.
How will you split assets if you divorce?
While you may not want to think about it, having a plan now means that you won’t need to try to come up with one later on if things end badly. Have a frank discussion about it before the wedding.
Being clear about your financial priorities as a couple will ensure your marital union starts off on the right foot. If you need any help, don’t hesitate to consult a financial planner.