Before a couple takes that way down the aisle, there are a number of conversations they should have first. Where to honeymoon? Will they have kids? Who sits near the strange uncle at family dinners? And so on.
A recent in U.S. News and World Report says that one important conversation couples should not overlook is how they will approach their finances during marriage. If they have this often-difficult conversation, it can avoid complications later, especially for couples with significant assets.
“No one likes to talk about” finances, an Illinois wealth management consultant says. “Because it’s not fun.”
However, couples are advised to touch on a number of areas within the scope of a conversation about personal finances, including student loan debt. For some people, a marriage can make their student loan payments go up and make it more difficult to pay bills when people are just starting out in a new house or apartment.
Another topic to delve into: bank accounts and credit cards. It’s possible to have a happy marriage while keeping some aspects of personal finance separate, such as bank accounts. Then a predetermined amount can be deposited by each spouse into a joint account to cover the essentials such as rent, mortgage, utilities, etc.
A joint credit card for household expenses can also be a possibility to consider and discuss, the consultant says.
Spouses should also discuss their interest level in risks and investment rewards, and how they would like to approach the market and other aspects of investing.
Also on the table: prenuptial agreements. These legal tools can be useful for individuals with significant assets who are marriage-bound.
There is much more for spouses-to-be to discuss before the bells chime.
A family law attorney can help you protect your interests in matters involving property division, spousal support and other aspects of high-net-worth divorce.