When a couple is soon-to-be-married, there are all manner of very important discussions for them to have, as weddings have a great deal of preparations connected to them and marriage is a very big life step. One thing it can be very important for marrying couples to not forget to talk about prior to their marriage are financial matters.
Now, financial matters are not a terribly romantic topic and thus are a topic that a person who is getting married may be a little nervous to bring up to their soon-to-be spouse. However, having open and honest discussions regarding money matters prior to the wedding is something that marrying couples may find to be very beneficial. For one, it can be an important part of putting the marriage in a position to succeed, as it could remove some potential sources of future financial strife between the marrying couple. Financial strife between a couple can be very harmful to a marriage. Financial strife sometimes can even lead to a divorce.
Here are some of the financial discussions a marrying couple should consider having prior to their wedding:
- A discussion about what sorts of debts, financial obligations and assets each of the two members of the couple has.
- A discussion about financial goals.
- A discussion about whether to fully combine finances upon marriage or to keep some finances separate.
After having such discussions, a marrying couple may find it helpful to do some money-related planning for their upcoming marriage, such as setting up a budget for the opening years of their marriage.
Another finance-related thing it can be important for a person who is getting married to think about before their marriage is whether or not to pursue getting a prenuptial agreement put in place. Some find a prenuptial agreement to be a very helpful tool in providing some financial protections in case the marriage were to end in a divorce. Family law attorneys can help answer questions individuals who are getting married have about prenuptial agreements and can help individuals who are interested in getting a prenuptial agreement put in place with the process of drafting such an agreement.
Source: Today Money, “Before saying ‘I do,’ take these 5 financial steps,” Anna Robaton, Jan. 5, 2015