Money Matters: Important Discussions to Have Before Tying the Knot
You’ve probably heard this figure before: money and financial troubles are one of the main causes behind divorce, second only to infidelity. When soon-to-be-married couples hear this, they often shrug off these concerns as they think about their loved one. Not everyone is marrying a Scrooge McDuck, after all.
Unfortunately, financial problems can rear their ugly head in all types of relationships, no matter how selfless each partner might be. Barring any major outside factors, the main reason for this is that couples don’t take the time to discuss important issues before marriage.
Today, we want to go over some of the topics that any engaged or soon-to-be-married couple should cover before they walk down the aisle. A little preparation now could save you a lot of heartache and financial trouble down the line!
Paying Bills and Other Financial Responsibilities
This is a common topic for couples who live together, but everyone who plans to get married can benefit from having this discussion. Determine what financial responsibilities will be carried by who and set a plan you can both stick to in order to minimize conflict and ensure that everyone gets a fair deal.
Setting Long-Term Financial Expectations
It’s important for you both to see eye-to-eye on all long-term plans, which includes financial goals and building savings alongside other assets. Make sure you discuss your expectations with one another, verify that these expectations are in line with your current lifestyle and habits, and plan accordingly with one another’s unique needs in mind.
Reviewing Each Other’s Numbers
This might seem unromantic but do you know each other’s credit scores? What about current and potential future debts? These topics can be a downer and many people avoid touching upon them, at least until the marriage is in the books! Make sure you understand each other’s financial history so you both know what you’re getting into! Having this information is key in plotting out your long term financial goals.
Talk to a Family Law Attorney in CA
Finally, don’t forget about checking in with a legal professional if you have any questions or want more information on establishing wills, an estate plan, a prenupital agreement, and more. Remember that we at Rubin & Levavi, P. C. are here to provide you with the legal expertise that you need, whether your issue related to marriage, divorce, child custody/visitation, and other family law matters.
Schedule a free initial consultation today by calling us at (415) 564-2776.