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5 Finance Questions to Ask Before Marriage

You're getting married, congratulations! Getting married is such an exciting time in life, with emotions running high. However, there are still some discussions to approach with a level head. One of them being the lovely topic of finances. It may not seem very romantic to discuss finance as you get ready for your special day. Still, by addressing these critical finance questions to ask before marriage now, you can prepare and save yourself a lifetime of potential headaches as you combine finances. 

Discuss each other's feelings about money

What are each other's mindsets towards money, how do you both see money, and what does money mean to you? It is also important to discuss your history with money. It would be essential to understand your fiancés past with money decisions so that you can understand where they are coming from as you join finances. It can also provide ways to help them make wise financial decisions moving forward or where strengths and weaknesses are around finances in the relationship.

What is ahead for you, and for you both? 

Discuss what is ahead for you both and you as a family. If one spouse has no intention of savings while the other is doing all they can to sock away money and retire early, you may find some points of contention in the future. It doesn't mean you can't find the middle ground, but having this conversation before combining finances will allow you to work on things before jumping into the deep end. 


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Do you have any debt or tax obligations?

It would not be quite a pleasant surprise to find out only after combining finances that your spouse has significant tax and debt obligations. Getting ahead of these discussions and finding ways to minimize these burdens before getting married may help save your marriage and your future finances. 

What business financial obligations do or your future spouse have?

If your fiancé has a business or is part of a family business, this can lead to many complications. Often, you may be asked to sign a prenuptial agreement in this case and can lead to feelings of concern. The challenge for the spouse with a business is that if something were to happen to them or your marriage without this agreement in place, often the surviving spouse may be entitled to the business as a part of their property. This can mean the ability to make company decisions, and more so, knowing these obligations and assets ahead of time will help facilitate thoughtful and understanding conversations instead of contentious arguments.

How do you plan to combine finances and also keep some flexibility?

As you combine finances, you may start to set up joint accounts and pool all of your assets together. Some couples decide to keep things completely separate, and some find a middle ground. I find a lot of couples like the idea of this middle-ground approach. They may set up a joint account for most of their ins and outs but also peel off a small, equal amount to each spouse's individual bank accounts that allow them to stay within budget but spend freely without constantly feeling the need for spousal approval on purchases.

With this list of finance questions to ask before marriage, now you should have a great starting point for a successful financial future as you start your lives together. When combining finances, there can be very different perspectives and backgrounds around money so having some help, being proactive, and developing a plan for this next chapter is critical to set yourself up for a great future.

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