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Discuss Financial Matters before Marriage

Posted on in Family Law

marriage finance, debt, retirement, financial planning, Illinois family law attorneyThe time a couple spends engaged before their wedding ceremony is a special period of their relationship. Many discussions center around wedding planning, their love for one another, and their future plans. One conversation topic though that may be less popular is the sobering reality of finances. Even though a discussion about financial matters may not be as appealing as others during an engagement, it is an important one to have. A recent article gave engaged persons some advice on what questions to ask their future spouse when it comes to money matters.

10 Questions to Ask while Engaged

What is your credit score? This is an important piece of financial information since both of your credit scores may affect your ability to start a family, purchase a home, or buy a car. It is best to know what to expect going into your marriage and not after you have applied for a loan.

What is your income? As future spouses, you should be comfortable sharing this otherwise private information with one another. When planning your life together, knowing about one another’s income will help you have realistic goals and expectations about your future lifestyle.

How much do you have in savings? Many younger people are not able to stash away large amounts of cash, and some even live paycheck to paycheck. Knowing each other’s savings scenario will help you plan your contributions to an emergency or savings fund in advance.

What debts do you have? Marriage makes your spouse’s debts yours, too, so this question, while a tough one to ask, is imperative. Knowing about your future spouse’s debt and their spending habits will help you work out any issues now before you walk down the aisle.

How do you feel about joint bank accounts? You and your future spouse will decide whether you want to maintain separate bank accounts or combine your money in a joint account. Agreeing on which type of account you will have and how it will be used now will prevent any disagreements later.

What kind of health insurance do you have? Does the coverage each of you have now address your needs as a couple? One of you may want to opt into the other’s insurance plan if it proves beneficial.

What benefits does your employer offer? Job benefits can affect joint planning, especially when it comes to pension or retirement accounts. Paperwork will likely have to be completed to add your spouse’s name as a beneficiary.

Can we talk budgeting? Establish both a daily lifestyle and monthly spending habits. Understand each other’s priorities so you can spend according to what is important.

What is going into your retirement accounts? Retirement benefits are considered an asset that you will bring to the marriage. You need to know each other’s current contributions so you can make alterations if needed.

What are your financial goals? Sharing your life with someone means you should share dreams and goals as well. Start making a plan now to meet your financial goals.

Family Law Attorney

While conversations such as these may not be pleasant, they are necessary as the basis for an open and honest relationship where both people know what to expect entering into a marriage. In light of the information learned, a prenuptial agreement may be appropriate. If you are considering having a prenuptial agreement drafted, contact the experienced family law attorneys at Davi Law Group, LLC for a consultation. We serve clients in DuPage County and the surrounding area.
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