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Getting Married? Talk about These Money Matters (Pt. 1)
July 22, 2014
Getting married and planning a wedding can be an extremely exciting time for couples who are ready to take the next step in their relationship. While there may be various exciting things to talk about and plan for (like, for instance, a honeymoon or a new home), one thing that couples should NOT overlook is the discussion about their finances, how or if they will merge their finances and what the financial responsibilities will look like during the marriage.
This can be a stressful topic for many people, but addressing these issues and concerns upfront will be critical to:
- Setting clear expectations of financial responsibilities
- Not adding extra stress to the new marriage
- Establishing an open line of communication about finances from the get go.
In this three-part blog, we will point out a handful for important questions that should come up when you sit down to discuss money matters with your future spouse. Taking the time to discuss these financial issues will be one of the keys to setting up your marriage for success and longevity.
Financial Questions to Ask Your Future Spouse…
Q1: What debt do you currently carry?
Although this may be a sensitive topic, the fact is that a person’s debt situation can be an important indicator of:
- How financially responsible that person is
- How much money a person will have available to be able to support a household, marriage and potentially even a family (if a couple is seriously considering starting a family in the near future).
While debt like student loans and car loans can be common financial responsibilities that people may have, you may want to be careful about immediately jumping into a marriage with a person who may have racked up thousands of dollars in debt in credit card debt. This can be an indication of reckless spending habits, and after marrying such a person, you could be on the hook for repaying such debt.
Don’t miss the upcoming second and third installments of this blog for our continued discussion regarding important money matters to discuss with a future spouse.
Colorado Bankruptcy Lawyers at the Law Office of Jon B. Clarke, P.C.
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