MIAMI, Florida. If you are planning to get married, it is important for you and your partner to discuss money. Money is one of the leading reasons why couples fight, but it is important to note that how much money you have in the bank matters less than whether you and your partner are on the same page about money. Having differences in terms of your money views can also be okay as long as you also understand your differences. Couples can be poor or rich and still have disagreements about money. Here are ten money questions you should ask before you get married.
- What are your dreams regarding money? According to Bankrate, money and your dreams often can go hand in hand. Do you want to travel the world with your partner? Do you want to buy a house someday? Do you want to have children? Each of these personal goals will also require certain financial goals. How long will it take to reach each of these goals and what steps will each of you take to achieve them?
- Do you have debts? Once you get married, whether you like it or not, you will likely share your spouse’s debt. A spouse’s debt can impact your ability to buy a home or reach other financial goals. Before you get married, it is important to come clean about debts.
- Should we share a bank account? More younger couples are choosing to keep separate bank accounts. Others feel that marriage means blending bank accounts. Whatever your choice, it is important to discuss how bills will be paid, responsibilities met, and disagreements about money resolved.
- How did your family view money? Understanding where each of you came from in terms of financial history can be helpful when understanding your partner’s financial past and current behaviors.
- What are your views about saving? Are either of you in a position to save money? Do you have savings goals? How will this affect your lifestyle choices?
- What should our married budget look like? What will our bills be? Rent? Mortgage? How much money will we have for entertainment and dinners? How much money do we have for savings?
- Will you receive inheritance and how will this be handled? Inheritance could be considered community property in the marriage, especially if money from a trust funded your lifestyle, but some individuals want to protect their family’s legacy and may choose to draft a prenuptial agreement to ensure that inheritance and family gifts don’t end up in the hands of a stranger should the couple get divorced.
- If you run a business, how will ownership of the business be managed? If both of you will be involved in the business, it can be helpful to have a prenuptial agreement and clear business plan in place to specify each person’s role and specify what each person gets should the marriage not work out.
- Are there concerns you have about your partner’s money habits? Take the time to address potential concerns. For example, are there spending habits you are uncomfortable with?
- What are your differences and similarities regarding your money habits? Understanding your differences can help you going forward into the marriage. It can also help you understand what issues you may want to address before you go into marriage. For example, if one partner tends to spend rather than save, but the other person would eat ramen on the weekends even though he could afford the occasional steak, some couples might find a compromise where they each have their own accounts, and contribute to a shared couples account each month, where money is allocated towards saving, spending, and other necessities.
Every couple’s solution will vary depending on your needs and finances, but some couples might be wise to consider a prenuptial agreement. In many cases, the prenuptial agreement is a great way to open the conversation. However, it is important to start the talk early, not days before a wedding. According to one financial planner speaking to the New York Times, how you have the conversation is just as important as what you talk about. This kind of conversation can raise difficult emotions and sometimes lead to disagreements. If you are thinking about signing a prenuptial agreement, or want help discussing your finances with your partner before you tie the knot, consider reaching out to Sandy B. Becher, P.A. a prenuptial agreement lawyer in Miami, Florida. Our firm can help you jump start these important financial conversations—early and in a way that can be mutually beneficial for both parties. Visit us at https://sandybecher.com/ to learn more.
Sandy B. Becher, P.A.
201 S. Biscayne Boulevard
Twenty Seventh Floor
Miami, FL 33131
305.860.5811
