Marriage is an important milestone in most people’s life. It’s an amazing experience to walk down the aisle with your soulmate. However, there are some important money questions you should ask before getting married.
As beautiful as marriage seems, it’s important to discuss your current financial situation with your partner before walking down the aisle. If you guys discuss your finances before getting married, it would be easy to shape your financial partnership into the future.
So, here are the 3 most important money questions you should ask before getting married;
#1. What’s Your Money Story?
We all have a relationship with money. And this relationship depends on life experience and upbringing. For instance, some people were born into a wealthy family and they never stress themselves about anything money can buy. They don’t mind spending their money lavishly.
But other people may not be born with a silver spoon. And they earned whatever they have. These types of people have a very strong work ethic. Regardless of what they have, these people are very frugal in spending.
Again, your partner may also have extended family responsibilities to handle. Because everybody has their own unique money story, it’s important to discuss it before walking down the aisle.
You guys should have an honest conversation about your money values, spending habits, and general attitude towards money. During such conversations, it’s important to point out areas where you guys have the same values and other areas where you may have conflict.
Once you identify areas of potential conflict, find a common ground with your partner. This will help you to avoid conflicts along the line in your marriage.
For instance, if you are a frugal spender and your spouse enjoys spending money lavishly, you can have a conversation about this with your spouse. Try to explain to your partner why it’s bad to spend money lavishly.
#2. What are Your Expectations for the Marriage
Most marriages fail when expectations aren’t met. But If you discuss expectations in terms of finance with your partner before marriage, there will be less friction in the union.
Most times, when expectations aren’t met, couples tend to be angry, resentful, and possibly depressed. So, if you want a happy marriage, it’s important to discuss your expectations with your partner. It’s one of the money questions you should ask before getting married.
The expectations should include the everyday responsibilities of partners and the decision-making process.
For instance, you guys can agree on who becomes the breadwinner of the family. It’s also essential to decide on who takes time off work to take care of the kids. And don’t forget to discuss how to make decisions involving spending, savings, and investments.
Again, talk about how to handle a shift in revenue and earnings. And who will manage the family finances and pay all the bills, and who will be in charge of filing tax returns.
Again, you guys need to discuss prenuptial agreements expectations. And these agreements should include partners’ responsibilities and obligations during the marriage.
When designed properly, prenups could reflect the level of trust and respect in the relationship. And it would help to reduce crisis and misunderstanding in the union.
It’s always advisable to design your prenups several months before the wedding. During this time, partners can easily resolve their conflicts.
However, when there’s an unsolved conflict regarding expectations in the marriage, it would be better to postpone the wedding until you guys reach a common ground.
#3. How Are You Going to Organize the Money
This is one of the most important money questions you should ask before getting married. Every relationship has a different financial status.
For instance, some couples may start broke and gradually build wealth together over time. There are also instances when one partner would come into the relationship with the majority of the assets.
Again, both partners may have savings, investments, and businesses. If this is your case, you can keep your assets separate, especially if one of the partners already has kids from a previous relationship.
However, you can both agree on expectations and roles in the relationship; this will help to reduce conflict in the long run.
You can decide on the method that works best for you guys. But it’s always crucial to have an honest conversation before you guys conclude.
If either or both of you are coming into the marriage with large assets or legal inheritances, it’s important to be transparent about it. It’s also important to familiarize yourself with your state property’s law.
You can consult a real estate planner or a family law attorney to draw up the necessary documents including prenups. But you and your partner must be on the same page before you bring in a real estate planner or family attorney.
Marriage is both a Romantic and Business Partnership
Contrary to popular beliefs, marriage is not just a romantic relationship, it’s also a business partnership. So, it’s important to take note of these money questions you should ask before getting married.
To have a successful marriage, you and your partners must embrace a culture of open communication and honesty.
Understandingly, when at the peak of their love affairs, couples tend to avoid emotional and difficult topics like money. But try to have this conversation as it will go a long way to help you build a happy marriage.
Before the marriage, you guys need to know each other’s balance sheets. And during this time, discuss your life dreams and how you can reach them.