8 Financial Questions To Ask Before Marriage

Money problems is a leading cause of divorce. So before you say “I Do” examine these 8 financial questions to ask before marriage.

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Sending out invitation and registering for gifts at your favorite store is only one step of getting ready for marriage.

What about checking your financial compatibility?

I know that does not sound very romantic, but thinking about financial questions to ask before marriage and having discussions about finances are an essential part of preparing for life with your future husband.

Since financial problems in known to be a major cause of divorce, it crucial to talk about money early in the relationship to avoid future issues during married life. 

Kansas State University conducted a study, “Examining the Relationship Between Financial Issues and Divorce,”  that confirms the relationship between money challenges and divorce rates. The study found that couples who struggled with money in the beginning of their relationship were more likely to get divorced.

Don’t become part of the divorce statistics.   Here are 8 financial questions to ask your partner before you get married.

  1. How will finances be combined?  You need to know if your accounts with your future hubby will be combined or whether you will keep them separateDecide now as a couple how you will handle your finances after marriage.  Most couple decide to combine the accounts or preferably to open new joint ones as newly weds.
  1. Who will pay the bills each month?  This is another important decision that needs to be discussed before you say “I Do”. It’s usually best ( and easier)  to choose one person to handle bill payments in order to avoid confusion.  Deciding now who will handle bill payments each month also  clarifies the areas of responsibility in the relationship. In addition to handling monthly bill payments, the same person usually handles tax preparation as well.
  1. What is your debt? Questions about debt may be sensitive, but vitally important healthy financial relationship. Your future husband may have different kinds of debts from from student loans to credit cards. Understanding how much debt each person has before marriage will affect future decisions.  You may want to buy a house immediately after the wedding, only to find out that your new husbands debt bars you from getting a mortgage. What if you ant to upgrade your living room furniture?
  1. What are all of your income sources?  While both you and your future hubby may receive a regular paycheck from your job, that may only be party of the total income picture.  To be able to plan your future accurately, you will need to know all of the income sources. Is your future spouse receiving annuity payments? Does he get royalty checks from a novel he published ten years ago? These are the kinds of financial details your partner needs to share with you before you get married. Being open about your income as a couple builds trust in a relationship and there is no better foundation to build a lasting marriage on than love AND trust!
  1. Are you considering more education? For many people student loans are one of the biggest sources of debt. Obviously, this can have an impact if you or your partner is considering more education.  How will you pay for it? According to the Consumer Financial Protection Bureau, student loan debt has reached $1.2 trillion. That’s staggering. It’s estimated the average borrower has $26,000 in student loans. Before you pursue more education, you should consider the impact on your future marriage.
  1. What role do parents play in your finances? Are your parents helping to pay your bills? Or, have the wheels turned and you are now the one helping your parents financially? These are important questions that affect a couple’s financial plans and decisions. How would you feel if your future hubby’s parents helped during a difficult financial period? It’s important to discuss these kinds of questions and set boundaries and repayment terms in advance.
  1. How do you plan to save?  When it comes to questions about saving the main focus needs to be investments and retirement.  Do you or your future husband  contribute to a retirement plan at work? Do you or your future husband have other investments? How will combining finances affect your strategy moving forward?
  1. What are your financial dreams? It’s essential that you discuss your dreams and goals with your partner before you get married. If you want to retire before 50, he needs to know since that would effect the financial decisions you make now? If he plans on changing careers, you definitely need to know.

Every couple who openly and honestly discusses these 8 financial questions with each other before marriage are better prepared for their future as husband and wife.

Please Share Your Thoughts 

In the comments below, share with us:

1. Do you believe that financial discussions are crucial prior to marriage?
2. What financial question do you think would be the most important to ask of your future spouse?

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