The dating pool can be one of two things, exciting or hard to navigate. There are a lot of potential mates out there, and maybe you have found the one. Before you jump into talks about marriage
, there are a few things you need to discuss. You want to make sure you are compatible in love and with finances. Finances are one of the top reasons people divorce. If you’re looking to stay married for the long haul, here are finance topics to address before marriage.
If you are like me, it’s important to have limited debt. I don’t think I would be comfortable going into marriage with a partner that has mountains of debt while I do not. Both partners need to sit down and discuss this information before marriage. You don’t want any surprises after the nuptials or to be held responsible for paying money your spouse owes from before you go together. These situations arise all the time. You must be sure to discuss any outstanding late payments, defaults, student loans, and bad business deals with each other. Calculate how much debt each of you has and work on a plan to tackle it.
You should be mindful of each other’s shopping habits. Identify who is the saver and who is the shopper! Is the saver good with money or overly controlling with the budgeting? Does the shopper spend more than what they earn or save, or do they shop within the allotted budget? Once you identify areas of concern, come up with a plan that ensures everyone’s needs are met but that no one person has all the control or can derail the other.
This is one topic I see in the F.I.R.E groups time and time again. One partner is ready to retire early and save their 1 million as fast as possible, and the other partner doesn’t want that. It’s important to lay out your expectations and financial goals with one another. See in what areas you agree and which you do not. Educate each other on your choices and comprise so that everyone wins. Once you have made a compromise, stick with it.
Finding a loving partner and wanting to get married is beautiful, but be mindful that there are several finance topics to address before marriage. Doing so could mean a more healthy and long-lasting marriage. If you want more great articles, check out the read more section.
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