7) Share Your Long-Term Financial Goals
So you’re ready to tie the knot? One of first things you both should sort out is what your long-term financial goals are. Do you plan to retire early or later? Do you both plan to start businesses together or individually? Which format will work best for your personalities? If you plan to work on the same business together, which role will each play that will not place a strain on your future marriage? Having candid discussions about where you both see yourselves 10, 20 and 30 years from now will put things in perspective and make sure that your long-term financial dreams and goals are compatible.
6) Identify the money red flags
Is your partner secretive about money? Are they constantly asking you to lend them money or co-sign a loan before you are even married? Do they like to show off with money when they have none? These might be financial red flags that your partner may not be financially responsible. Additionally, if you are already arguing about money before you are married this might be another sign you may not be financially compatible. Try to hash out these issues and be honest with each other about your financial strengths and weaknesses. You may be able to help each other navigate these weaknesses if you’re both open and honest about it in the beginning. Marriage requires total honesty with one another if you truly are dedicated to making it work. It’s never too early to start building on this foundation of honesty before you tie the knot.
5) Discover your Financial Persona
Are you a saver and your partner is a spender? Is one of you financially savvy naturally and the other not so much? Does one of you come from a more financially well-off family compared to the other? How does this affect their intrinsic approach to money? Taking time to learn each other’s financial persona will help reveal ways you both can use your individual strengths to support the others’ weaknesses and the relationship overall.
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4) Intention to Work After Marriage
Your partner may have different ideas or plans for after you two get married. They might be expecting you to support them after marriage since they do not intend to keep their job once you tie the knot. This assumption, if realized after marriage, might put undue strain on your early nuptial. Try to be clear with one another before marriage about who will be the breadwinner, the stay-at-home parent, or if you both will work and source for extra help for the children. Do not assume any given work situation after the wedding. You’ll do best by communicating your thoughts on this matter well before you say ‘I do’.
3) Lay Out All Your Assets
Before you sign a marriage license with someone, make sure you have a clear idea of their assets and liabilities. Getting married means that the two of you will be starting your life together hence prior knowledge of possible assets and liabilities of your partner will make transition into married life is as seamless as possible.
2) Decide on How the Expenses Will Be Handled
Before you get married, you need to sit with your significant other and decide how the expenses will be divided. This is especially important if the both of you are earning an income. You need to discuss how the bills will be split; who will pay the rent, who will buy the groceries and things like that. When things such as these have been decided before you get married, the likelihood of having fights over petty financial issues decrease greatly.
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