Fiancé & Newlywed Finances: A Checklist
Before getting married, or soon after, discuss marriage finances and make a budget.
In just about any long-term relationship, finances will come into play, and in a marriage, it's essential to manage finances well together. Whether you’re about to get married or have already tied the knot, it’s a good idea to sit down with your partner and discuss money.
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With finances, as with many things in life, an ounce of prevention is worth a pound of cure. If you and your partner approach your finances in a direct, matter-of-fact way early in the marriage, you’ll provide a solid foundation for your relationship, and for your finances, as time goes on.
Financial Talking Points
When you sit down to talk with your fiancé or spouse, begin by sharing the current state of your finances. It’s important to be frank and nonjudgmental. Fudging the numbers or concealing certain items from your partner could result in serious problems later. What’s important is making sure your plan for going forward is one to which you are both committed. Here are some basics to go over:
- what’s important to each of you when it comes to finances
- how you will manage your assets (what to combine, what to keep separate)
- will you use the same bank account? credit cards?
- how you will deal with differences in income
- how you will manage the payment of expenses, and
- what to do if your fiancé or spouse has incurred a lot of debt.
Planning for the Future
In your discussion of finances, it’s worth discussing future costs, even if you can’t know exactly what these will be. Do you plan on buying a house together? Having children? Taking a trip around the world? Moving? All of these things require significant financial investment. Be sure to discuss the following:
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