Once the big question has been popped, it's easy to get caught up in all the excitement planning. Taking time to talk about finances often gets delayed because of all the planning. But before the marriage, marriage experts at Credit Sesame suggest four financial questions be addressed.
In addition to $50,000 in student loan debt, the person may also be thousands of dollars in debt for payday loans. Many people try to hide their debt with the hope of paying it off before marriage. Telling the future spouse about debt issues can help with wedding and housing budgets, and help prevent stressful situations that could get in the way of marital bliss.
A lot of young couples are inheriting money from their baby-boomer parents or grandparents. Couples receiving inheritances should consult with a financial planner and real estate attorney to help them decide how to title any funds left to just one person.
Waiting until the children are born is too late for this discussion to occur. Couples need to consider future earnings, social security, job marketability, and how each of those aspects will be affected by someone staying at home, if someone does.
People's childhoods greatly affect how they look at money. It can deeply affect one's spending, saving, and investing patterns. Take time to discuss what the other both partners liked about money growing up, and what you would like to be different about money in marriage.