Family Finances Before You Tie the Knot
With the Royal Wedding just barely behind us, you may be considering joining the newlyweds and get married, too! If this is the case, here is a list of family finance topics you should discuss before getting hitched.
- Share everything: any debt, retirement savings, student loans, family insurance, car loans, credit card and any other family finances should be revealed and discussed.
- Discuss debt: talk about how much family income you will have in total after combining individual debts and income and how it will affect the family finances. Come up with a plan to pay everything off, which could include personal family finance plans, and make your payments on time.
- Pre-nups: Even if you’re against prenuptial agreements, it might be a good idea to write down all the financial agreements you’ve made and sign it. In case someone sinks a large sum of money into your first house – for instance, her parents – she can get that money back if you part ways (which won’t happen, of course).
When it comes to family finance, clarity is key and being open with one another will help avoid roadblocks, and create a healthy relationship between you and your spouse.
