Money is one of the leading causes of divorce, so if you want to start your marriage off on the right track you should ask your fiance these important money questions.
“What Is Your Current Level of Debt?
Debt can have a huge impact on planning your future together because of its negative effect on your credit score. If you want to buy a home, open a credit card account or get a loan it will be difficult if one of you has a substantial amount of debt.
“Do You Want To Have A Two Income Household?”
This is a huge deal breaker for many marriages. People don’t discuss how they feel about one spouse staying home before getting married. Will one person stay home and take care of the kids? If one person earns more (or all of the) money, do they have the right to make all the financial decisions?
Or what if it’s important to you to have a two income household to maintain the standard of life you’re accustomed to? It would be important to discuss this with your spouse before having children.
“What are your financial priorities?”
Another big money conflict couples have is when one is a spender and the other is a saver. Even if you have separate accounts, you’ll still need to make joint financial decisions.
Will you buy the smaller home that you can comfortably afford or your dream house that’s a financial stretch? How will you feel if you’re saving for retirement and your spouse keeps racking up credit card debt?
Knowing your spouse’s priorities before you get married will allow you to determine if you can reach common ground before making a lifelong commitment.
“Should We Open a Joint Account?”
This is a very common question that I get from engaged couples and it’s smart to decide before the wedding. I know married couples who still have disputes about this. Although it’s not often a deal breaker, it can make your marriage a little easier to be on the same page.
Some people feel that all income should be shared during a marriage and others think that separate accounts are better. Most couples I know have at least one joint account for living expenses and then their own separate accounts to spend however they like.
It’s a personal decision between you and your spouse to be, but the conversation can help you learn what your fiance expects as far as sharing funds.
Learn about more things you should do before getting married by scheduling a premarital consultation with Joleena Louis Law today.