Five Money Topics to Discuss With Your Future Spouse Before You Get Married
Over half of all new marriages that are formed in the United States will end in divorce today. With odds like that, it makes sense that engaged couples should do everything they can ahead of time to make sure that the “D” word, doesn’t happen. Since the number one cause of divorce in North America is money fights and money problems, it would only be logical that couples should absolutely be on the same page when it comes to money before they say, “I do.” Here are 5 different things about money that you and your spouse should discuss before getting married.
What do we make? This is an easy question. You and your spouse should have a pretty good idea of what you’re going to make as a couple after you get married. This will make it easier for you to budget, and keep each other honest because that each spouse knows exactly what’s going in each month. You might not think that couples would lie to each other about how much they make, but it does happen.
How are the bills going to be handled? Is one spouse going to write the monthly budget, or are they both going to do it together? Are you going to combined your finances, or keep them separate? Who’s going to physically write the checks each month? These are all –very- important questions that you need to figure out ahead of time. This will make sure that neither spouse has unmet expectations when it comes to money, and you’ll never hear something like, “I just always thought you were going to take care of the bills”.
What are our financial goals? After you pay your bills, where do you want your money to go? Do you want to give some of it to charity, save some for retirement, or perhaps pursue a hobby? Future spouses need to discuss this before the wedding day and have a good idea of what both people want to spend their extra income on. The trick to this is that each couple needs to have a fair share of any extra income to pursue their dreams, hobbies, and goals if they’re not 100% in agreement.
What’s going to happen to our existing assets? Often times couples are in two different financial spots in life. One might be doing just fine and be debt free with lots of cash in the bank, and the other might have $20,000 in student loans. Is the spouse with more money going to pay off the other person’s loans or is the person with the debt expected to pay it off?
Does the wife want to be as stay at home mom? I’ve always been a proponent that if a mother would like to stay home with her children, she should be able to, at least for a while. It’s very important to know whether or not this is something the couple wants to do in advance so that they can make it a priority.
For the sake of your marriage, please discuss these things with your future spouse before hitting the alter. With money related issues being the single greatest cause of divorce today, it’s a must!
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It’s not just young couples who have these problems, either.
A friend of my mother recently found out that her (2nd) husband of 18yrs had hidden almost $150k from her and lied about superannuation and investments. The only reason she found out was that he left her and tried to get half of her house, and her solicitor found out!
None of us could believe that anyone could do that to someone they’d vowed to love, cherish, etc.