Fiance’s and Finances

Fiance's and Finances

You have finally met the guy or girl of your dreams and you have agreed to marry them. There is so much to do during the engagement period. Where will you live, how will this affect your career, and your family are a few of the things to consider. One important thing that you must not overlook is your financial situations, and how they will affect the approaching marriage. Discussing money makes some people very uncomfortable, but it is necessary. Financial problems are amongst the top reasons that people divorce. If you want your relationship to have a fighting chance, be adults and discuss your business.

You and your fiancé need to set aside a time to have this conversation. Some preparation needs to be put into this. Each should know their current financial situation, and be prepared to discuss it. Neither party should be rushed or tired when you begin this conversation.

Tip #1

Discuss any debts that you have, and you are bring into the marriage. Yes any debt. Do not attempt to hide your debt from your fiancé, that is not a good foundation upon which to build a future on. You should both agree to work to pay off or down any credit card debt you have incurred individually. Experts state it is best not to consolidate student loans when you marry.

Tip# 2

Discuss any assets that you have. Any retirement, trust, 401 K savings, homes, cars, etc. This is an opportunity to begin to see these as mutual assets, and not individual any more.

Tip # 3

You need to learn each others spending and saving habits. If you have dated any period of time, you already have some knowledge in this area. But when you were just dating, it was your prerogative on how you spent or saved your money, now your actions will affect more than yourself. You should work as a couple or devise plans that will satisfy the types of money managers both of you are.

Tip # 4

Be open about any negative financial situations you are currently in or are feeling the repercussions of at this time. If you have filed bankruptcy, have a low credit score, your future life partner deserves to know.

Tip # 5

You need to discuss how you will handle money issues that arise in the future. Will you lend to friends and family? Does you fiancé agree with giving to the needy or less fortunate? Will you tithe, etc? All of these are important questions that need addressing before you say I do.