
Having The Talk About Finances Before Marriage
By Moskowitz Law Group, LLC |Wedding planning is exciting. One of the to-dos on your checklist should be to have “the talk” about your finances to be prepared for how financial issues will be dealt with during your marriage. Financial incompatibility is a major source of stress for married couples. By prioritizing an honest and open conversation about money now, you can build a foundation for a financially secure future together.
Having “the talk” can play out in many different ways. It can include many heavy or uncomfortable topics such as a prenuptial agreement, joint bank account, sharing expenses, and other financial decisions married couples often have to make. This talk is important for many reasons, but primarily, it is to make sure you and your partner agree with what your financial future may look like. A disagreement with how assets are shared, how rent or mortgages are shared, and how much money you are willing to spend or save to buy a house or other large purchases can cause disruptions in a happy couple’s life.
Here are some topics to discuss with your partner before tying the knot so both of you can plan and prioritize your financial goals.
Prenuptial Agreements
One of the most important legal frameworks couples discuss before marriage is whether or not they want a prenuptial agreement. A prenuptial agreement does not only clarify how assets are divided if a separation does occur; it can also clarify expectations regarding the personal and shared assets you own and will obtain in the future.
Debt Planning
Before getting married, it is important to know how much debt you and your partner have and create a plan to overcome and pay off what is owed. In this way, financial planning can ensure transparency and strategy in a partnership so both of you can be successful in building your net worth.
Money Habits
Day-to-day spending on discretionary items can easily cause a problem if one partner is less diligent than the other. This makes a conversation on financial goals and savings very important.
Savings and Risk Management
How much money are you willing to invest? What does your investment profile look like now? What percentage of your income are you able and willing to save for your future? How risky do you want your investments to be? What are your retirement goals? These are all questions to ask one another before tying the knot and combining your finances.
By addressing these topics, you can create a step-by-step strategy to mitigate and reduce harm if certain problems arise. The most important part of this financial journey is to understand each other’s goals — and, if needed, find a middle ground.
Get in Touch with Our Attorneys to Discuss Financial Topics Related to Marriage
Open communication with your future spouse about finances is an ongoing process. By continuing these discussions after your wedding, you can ensure you are always on the same page and working toward your shared goals. The Moskowitz Law Group can provide valuable legal guidance throughout your journey together. Schedule a consultation with one of our experienced attorneys today.