Wedding bells are ringing! When it comes to the marriage step in your relationship, there are a lot of areas of life that you need to go over with your soon-to-be spouse. Do you want to have children together? Are there business ventures that you want to pursue in the future? One of the most important topics to address is finances. Here are five financial questions to ask your partner before walking down the aisle.
Do you consider yourself responsible with money?
When it comes to having money, some people are just not responsible. It’s the truth. They spend the money they originally set aside for bills and use it on frivolous items like clothes and shoes instead. It’s important to know how responsible with money you both are so you have a good idea of who should do the budgeting and be in charge of the finances for your household. Choose wisely!
Do you have any loans?
From student loans to credit cards to car payments, there cannot be any secrets between you and your partner regarding any outstanding money you owe. Once you become legally married, all of your debt is his and vice versa. Make sure that there are no surprises and focus on how to tackle your remaining debt together.
Are you planning to have a savings account?
Surprisingly enough, there are not many people who want to save money for a rainy day or in case of an emergency, with some arguing that having a savings account is just having their hard-earned money sit there and that it’s counterproductive. It’s important that you and your spouse are on the same page on savings to avoid any arguments down the line. And that if you both want a savings account, you establish how much money you want to put away.
Who do you support?
Your partner might send a generous portion of their monthly earnings to their parents or a sibling of theirs. And that is perfectly fine, but you need to be well aware of it. Knowing who you both share financially will make it easier for you to budget and ensure that all ends are met. This might also lead to an uncomfortable conversation about settling limits when it comes to giving money out to relatives or close friends.
Are we sharing expenses?
This is the million-dollar question. Since you will now be responsible for each other’s assets, you will also be liable to ensure everything is paid for. That being said, you need to carefully outline who is in charge of what. This could mean getting joint bank accounts to make the process easier. According to Bankrate, 43% of married couples have shared bank accounts, so there really isn’t a right or wrong on how you want to run your household.