Your nuptial preparation requires more than just deciding on tableware and linens. Financial conversations should also be included in that process. It’s crucial to get on the same page about money early on in order to avoid any unnecessary conflicts down the line.

According to a study conducted by Kansas State University, “Examining the Relationship Between Financial Issues and Divorce,” couples who experience financial stress early on in their relationship are more prone to divorce.

So to avoid being part of this statistic, sit down with your partner and discuss these 8 questions:

  1. How will finances be combined? Will you combine your accounts or keep them separate?

    • Newly married couples need to decide how they want to handle their finances. A common option is combining their pre-existing accounts or opening new joint accounts.

  2. Who will pay the bills each month? Often couples choose one person to handle bill payments. It streamlines the process and provides clarity over who is taking responsibility. This same person usually handles tax preparation as well.

  3. What is your debt? This is the most uncomfortable part of the discussion, but asking questions about debt is an essential part of establishing a healthy financial relationship.

    • It is important for couples to understand the amount of debt each person has prior to getting married. This will have an impact on future decisions, such as if they are able to take out a mortgage or upgrade their furniture right after tying the knot. All of this depends on how much debt you’ll be carrying.

  4. What are all of your income sources? The wages you receive regularly may not be the full extent of your income. There could be other sources such as investments or bonuses contributing to your overall monetary earnings.

    • Planning for your future requires an accurate account of all your income sources. Have you factored in any annuity payments? Do you get royalty checks from a book you published ten years ago? It's essential to share these details with your partner for effective financial planning.

  5. Are you considering more education? Student loans are one of the biggest sources of debt for many people. If either you or your partner is considering more education, how will you fund it?

    • Student loan debt has reached more than $1.7 trillion. It’s estimated the average borrower has more than $37,000 in student loans.* Before deciding to go for further education, it's important to factor in how it might affect your future marriage.

  6. What role do parents play in your finances? Are you relying on your parents to cover some of your bills or are you the one providing financial support to them? These answers to these questions can can affect decisions and plans made.

    • It can be very helpful to turn to a parent for financial help in times of difficulty. However, it's important to establish clear boundaries and repayment terms from the start so that both parties understand the expectations and consequences of such an arrangement.

  7. How do you plan to save? Couples should have a comprehensive discussion that includes both savings and investing, especially when planning for the future. By creating a savings plan they can work towards achieving goals such as buying a home or going on a holiday abroad.

    • Are you taking advantage of employer-provided retirement plans? Do you have any money saved for investments outside of that? How could blending your resources alter the way you approach your financial future?

  8. What are your financial dreams? It's beneficial to have a conversation about your long-term aspirations and objectives.

    • If your goal is to retire early or switch careers, it's crucial to ensure you understand the financial implications. Your dreams need to be part of the conversation when making preparations for your future.

    • Your partner’s dreams may not be the same as yours. Taking the time to understand each other's goals prior to marriage will help establish a foundation for making informed decisions together.

 

Asking financial questions before marriage can help couples prepare for their future. Having both partners agree on money-related goals and expectations makes it easier to build the life they envision together and to avoid disagreements and stress further down the line.

 

*Hanson, Melanie. “Student Loan Debt Statistics” EducationData.org, February 10, 2023,https://educationdata.org/student-loan-debt-statistics