Marriage, marriage, marriage. Could there BE any bigger commitment (cue Chandler Bing voice)? While marriage is a huge emotional commitment it can also be a huge financial one too. With such an enormous step in your life, it is essential for you and your partner to discuss some of the major financial decisions that you will inevitably face during your relationship. Here are some of the most important topics to discuss:
Credit Scores and Outstanding Debts
When searching for good mortgage rates, car loan deals, or any other borrowing perks, your credit score matters. By combining your life with your partner’s, you also combine your credit scores. It is beneficial for the both of you to know what your combined credit score will be so you know what to expect after the wedding. It is equally important to know what debts you both have outstanding because, like with everything else, what’s mine is yours…and what’s yours is mine. If you know what I mean.
Do you and your partner want children? A child comes with extra food, clothes, use of utilities, possibly college, etc. How many would you like? If it is difficult for you to have children, would you two consider adoption? If neither of you want children, would either of you be interested in surgery to ensure there will be no pregnancy? Make sure all of these questions and more are answered before saying your vows.
Vacations can be a lot more stressful than relaxing if you don’t discuss beforehand. Hopefully your honeymoon trip discussion happens with ease. If you’re the woodsy type and your partner loves staying in hotels, that may cause a problem. Discuss with them and see if you can find trips that both of you would enjoy. You can also compromise and trade off vacations every year. Maybe one year you will be in a tent under the stars and the next year you will be soaking up the sun in a cabana near the beach with a drink in your hand.
A marriage is an even split of your entire lives. It’s a co-investment of…everything. This means finances are split down the middle as well. You need to have a talk with your partner to see if you are going to have one bank account, keep separate bank accounts, or do both. Your shared bank account can be used for saving and large purchases while your separate bank accounts can be used for fun. Settle all these arrangements before the wedding arrangements are ordered.
For more topics to discuss before heading to the altar, you can read the full article on huffingtonpost.com.