Four tough but essential money questions all couples should discuss before tying the knot
Yahoo Finance had a good article recently on the subject of essential "money" questions couples should ask before typing the knot. From the article -
Are you a spender or a saver?
You might think you already know your future spouse pretty well, but you can uncover a lot when you openly discuss your salaries, debts, savings and spending habits. Don’t spring this conversation up out of nowhere—set up a time to start discussing things like credit scores, checking account balance and how much credit card debt you have.
What are your financial obligations?
Talk about your financial responsibilities such as child support, alimony, an aging parent or student loans. With student debt at an all-time high, it’s likely you have loans you’re bringing into the marriage, so think about how you would like to handle the debt together or separately.
Will we merge our money in marriage? If so, how?
There’s no wrong or right way to do this. It might make the most sense to set up a joint account, keep things separate or do a combination of both.
Should we sign prenups?
These days more and more millennials are entering marriage with prenuptial agreements to protect their assets, retirement accounts and investments. Prenups can be especially wise for couples who are blending families and/or getting married for a second or third time. A prenuptial agreement guards pre-marital assets in the event of divorce or death and protects any future income and assets that you might acquire during the marriage.
The full article is here.
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