Before you say, I do.
When considering marriage, discussing finances is crucial for a successful partnership. Here are six questions that couples should ask each other before tying the knot:
Are we going to have a prenuptial agreement? While some may find this question uncomfortable, it's important to verbalize whether or not a prenup is necessary. Not only does it protect financial assets, but it also allows for laying out financial responsibilities within the marriage, especially if there are children from previous relationships involved.
Do you financially support anyone, or do you plan to? Discussing financial obligations, such as child support, medical bills, or charity donations, is necessary. Being aware of how much money goes towards supporting others can affect long-term goals, such as buying a house or investing.
Do we plan to manage our finances jointly or separately? There is no right or wrong answer to this question, but it's essential to agree on how finances will be managed within the household. Discuss how bills will be split and how financial obligations will be handled.
What do you like to splurge on? Understanding each other's spending habits is important. It's necessary to know what each person considers a splurge and to ensure that it doesn't cause any financial strain within the relationship.
Could one of us be a stay-at-home parent if we have children? For couples planning to start a family, it's necessary to discuss how to cover expenses and the possibility of having a stay-at-home parent. Understanding how to adjust to living on one income and if both parties are okay with that decision is essential.
Are you currently/on board with saving for retirement? Retirement planning is crucial to a successful financial future. Discussing how and where to save/invest, where to retire, and at what age to retire helps align retirement savings goals.