Five Money Questions to Ask Before You Get Married

Five Money Questions to Ask Before You Get Married

It’s not the most romantic topic in the world, but money is the number one reason why many marriages face problems in the future. Don’t let money disagreements ruin your marriage. Sit down with your partner and ask each other these 5 money questions before you get married. 

• What was our family’s relationship with money like?

It might be helpful to consider how your family handles money. What do you think they do right, and what do you think they could have done better? How has it affected your relationship with money? Usually, a person’s upbringing determines their financial goals.

• Do we want joint or separate accounts?  Do you want to combine your bank accounts, keep them separate, or consider a combination of both? The best compromise here would be a joint account, with two separate accounts for spending freely.

Keeping a joint account can provide the whole picture of a family’s financial situation so that they can make decisions together and work towards long-term dreams and goals. On the other hand, the individual accounts provide the freedom to make smaller purchases without having to consult the other spouse. 

You may also want to keep your investments separate as two people can have very different investment styles. For example, one may want to donate to charities or causes they support while the other spouse may want to buy stocks.

• Do I understand debt, expenses, and assets?

You need to take inventory of all the assets and debts you are bringing into the marriage, which can include everything from student loans to savings. One of you may even still receive an allowance from a parent or a trust. You can also discuss your salaries and average monthly expenses. In order to see your whole financial picture, you can put all of these details into a spreadsheet or a money management app. 

This discussion is very helpful when the time comes to making decisions on how much money will go into an emergency fund or paying out a debt. 

• How could our money dynamic change over time? 

There are many ways to discuss money in order to prepare for the decisions regarding your financial future.  For example: if you have children, how could your work dynamic shift? If one of you has children from a past relationship, are you going to help them with their expenses? Will you save for their college? Are you planning to take care of your parents as they get older? Will you support members of your family financially? Do you want life insurance? 

• Will we regularly discuss finances?

When it comes to finances, ongoing communication is key. Have a casual money dialogue once a week, or at least once a month. Set a schedule and commit to it. Keep communication open.

Discuss any financial concerns as they come up.  Also, talk about your financial goals and plans regarding your families. Being mindful and considerate is the best recipe for a happy married life and a successful financial future. 

Are you thinking of signing a prenuptial agreement? Do you just want additional information? It is important to understand money issues before marriage. 

If you would like to discuss the specifics of prenuptial agreements, call Debora A. Diaz Esquire at 727-846-1802 to schedule a consultation or use the Scheduling Link: https://deboradiazlawscheduling.as.me/.

Debora A. Diaz is also a Florida Supreme Court Certified Family Mediator.

At this time, all consultations are by telephone or video conferencing in order to protect our staff and clients.  Attorney Diaz practices exclusively in divorce and family law issues in Florida.

Written by Debora A. Diaz, Esq.