Before you get serious and/or get married with your loved one, there are a few financial topics that you should discuss. I have heard horror stories where people did not know that their spouse had hundreds of thousands of dollars worth of debt until after they got married, and those type of stories always shock me.
In some cases, people don’t even ask their spouse any sort of financial question until right before they get married. However, I think financial topics should be discussed while you are engaged and it doesn’t hurt to do so beforehand as well. I think it’s always a great idea to be open, because I can’t think of anyone who likes surprises.
Below are a few of the different financial topics that you should discuss before you get married:
How much debt do each of us have?
Before you get married, it’s usually a good idea to discuss debt. You will want to ask questions related to car loans, mortgages, interest rates, credit card debt, student loans and so on. Does your significant other have a used car that they can afford, or do they have a complete budget buster?
It’s a good idea to discuss debt because if one person in the relationship has a debt problem, then they may need to seek help. Life isn’t all about money, but if someone has a serious debt problem then it should be solved sooner rather than later.
Are we going to combine finances once we get married or keep everything separate?
Some married couples decide to combine finances, but there are also plenty of married couples out there who decide to keep their finances separate. This is something that you will want to discuss and prepare for since it is such an important aspect of how you will handle your finances.
Will we have a prenup?
Some think that getting a prenup means that you don’t believe in your marriage, however, in many cases it just means that you are protecting your assets or your family’s assets, because you never know what may happen a year later or 30 years down the line.
You should discuss whether there will be a prenup before you get married. You can get one after you get married but it is usually a little bit harder to get one this way.
What topics do you wish you would have discussed before you got married?