Couples getting ready to walk down the aisle tend to spend a lot of their time focused on things like flowers, color schemes, meals, playlists, guest counts, etc. However, experts say that there is a major part of creating a “happily ever after” that is often not discussed before the long awaited walk down the aisle: finances.
Before you commit to forever with your partner, it is extremely important that you first discuss some strategy for how you plan to make financial decisions. The financial decisions that couples make in the early years together have a huge impact on their future income.
Everyone’s situation is unique, but it all comes back to one simple principle — the earlier you have the conversations about money and the sooner you take action on that discussion, the better off you’ll be.
Financial talk in the midst of wedding planning can seem like it might be a buzz kill, but money is a leading catalyst for marital disputes and a top cause for divorce, according to experts. Wouldn’t you rather have a potentially difficult conversation now, before you’ve committed the rest of your life to someone, than a difficult conversation down the line that could end your marriage?
Couples should understand they are likely to run into disagreement about one or more aspects of finance, but what matters most is how they handle it.
Here is a list of questions to get the conversation started, click here for more:
- In case of an emergency, do you know where your financial and legal documents are?
- How confident are you in taking full responsibility for your retirement savings strategy?
- Everyone pictures retirement differently. What does yours look like?
- You just received a large tax refund. What are you most likely to do with it?
- Who manages your day-to-day household finances (paying bills, deposits, budgets, etc.)?
- When it comes to investing for your retirement, who takes the lead?
More than anything, you want to ensure that you and your fiancé discuss items like these BEFORE you get married. Half of your stress can be eliminated just by making sure that you and your future spouse are on the same page when it comes to your finances. You don’t have to agree on everything. But you want to make sure you share similar viewpoints when it comes to managing debt, budgeting and your future goals. A shared financial vision can go a long way toward ensuring you both live your happily ever after.