Family Finances— 5 Money Conversations to Have Before You Start Your Marriage

When you get married, you and your partner will be coupling your lives together for the rest of your life. This includes your finances. While this can be a delicate topic of conversation, it’s certainly important to clarify how you will handle money when you get married. Here are 5 money conversations to have before your start your marriage.

Debt

You need to tell your partner about any debt you may have. They deserve to be aware, since it will also greatly affect them. Be honest about any debt you have. If you are really serious about the relationship, you may also want to start getting rid of that debt to afford a decent wedding, too. Pick up some extra hours and show how dedicated you are.

Prenuptial Agreement

A prenuptial agreement is a legal document that covers what you will do regarding your finances in the case of a divorce. While we hope it never happens to us, it’s important to have a plan in place. In the case of a divorce, it will prevent things from getting too messy since you will already have an agreement in place.

Spending Money

One thing couples forget to discuss is how much you can both spend freely. You’ll also have to decide if you want joint or separate checking accounts. Joint accounts can make things easier, but separate accounts ensure that you can both spend your own money without input from the other party.

Wedding Budget

When we are about to get married, everything is super exciting. You may even be so excited that you get a little out of hand when it comes to the wedding. You don’t want to spend so much that you put yourself in a significant amount of debt. Of course, you want to spend enough to enjoy yourself, though. Talk about it in advance and plan exactly how much you are willing to realistically spend (with wiggle room) to avoid any arguments later. Most importantly, stick to the budget you agreed upon.

End of Life Plans

Illness and death are hard enough as it is. It gets even harder when you see all of the bills associated with it. You need to plan for a funeral, and you have to plan what to do about finances. Talk to a lawyer and get that settled immediately so when the times comes, you can focus on grieving instead of the money.

Money should not play a role in finances. However, it does. Talk to your partner about money before you get married to clarify everything in advance. You’ll be happy you did later.