When you propose or accept a proposal of marriage, you take a profound leap of faith that you and your partner can share a healthy and happy life together. That kind of decision is often beautiful and deeply moving. However, there are also serious practical consequences that follow getting married. Whether you and your fiancée choose to draft a prenuptial agreement or not, it is critical that you ask certain questions that will impact your financial future together before you tie the knot.
First, it is important that you have an adequate understanding of your own financial assets, debts, income and obligations. This understanding will help you prepare yourself for merging your finances with your fiancée’s. It is also critical that you understand what assets, debts, income and obligations your fiancée is bringing into the marriage. This knowledge will help you determine whether or not it makes sense for you to draft a prenuptial agreement.
Second, it is important that you have your credit score and your fiancée’s credit score evaluated. One person’s poor credit will almost certainly impact the other’s credit once you have married. As home loans, car loans, credit card limits and a host of other credit-related challenges will be determined by your credit scores, it is important to know what they are before you pursue joint credit opportunities together.
Finally, it is important that you ask your fiancée about budgeting strategies, financial priorities and other practical financial issues before merging your finances. Not planning ahead for how you will handle money together can put immeasurable stress on a new marriage.
Source: Huffington Post, “6 Embarrassing Questions You Must Ask Your Fiancé Before You Say ‘I Do’,” Neal Frankle, Aug. 28, 2013