Here is the conclusion to our three-part blog Getting Married? Talk about These Money Matters.
Additional Financial Questions to Ask Prior to Marriage…
Q4: How will our banking be done?
In other words, will you and your soon-to-be spouse simply just keep on banking separately? Will you set up a joint account and maintain your separate bank accounts? Or will you completely merge your finances into marital checking and savings accounts? How your banking is done may not seem like an important issue, but it very well can be, especially when it comes to issues like paying bills, investing in your savings and managing other financial responsibilities.
With this money matter, it can also be a good idea to discuss whether you and your partner will set up direct payment of certain bills out of your account, how your account statements should come and who will take the lead in generally managing these bank accounts. Again, establishing this aspect of marital finances from the start can help clear up a lot of potential confusion while defusing future possible stress and resentment.
Q5: What financial plans or steps do we need to make to prepare for building a family?
When it comes to having children, most couples are focused on the issues of when this will happen and how many kids each partner wants. Fewer couples take the time to consider the how in terms of finances – in other words, how will we pay for the kids we plan on having and how we will instill financial responsibility in them as we raise them.
While this is a nonissue for couples who don’t plan on having kids, for couples who do intend on building the family, it’s important to work out this aspect of marital finances before the marriage. Will you and soon-to-be spouse regularly invest in your savings? Do you want to purchase a home before having kids? What if you end up having twins – can your finances support this?
Discussing these issues ahead of time can be critical to setting up your future family for success, financial stability and happiness.
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