This beautiful Texas morning I was enjoying one of my favorite reads Investor’s Business Daily while sitting by the pool. One of the articles caught my attention “Discuss Finances Before Saying I Do” by Paul Katzeff. This is not an issue now for me personally having been married for over 22 years but the article made several very good points that women need to consider before marriage. Unfortunately many times the subject of money is forgotten in the excitement of premarital discussions.
First simply discuss money before committing to marriage. Do you both share the same views about debt? If not can you reach a common ground? Second couples should share their complete financials with each other including all assets liabilities and income. Third get credit reports. The reports are free and they allow each partner to see exactly what they are getting into ahead of time.
Additional premarital discussions should include whether or not assets will be pooled what will happen if one partner dies or the marriage ends in divorce. Addressing issues such as these can help avoid problems regarding money after the wedding. If either you or a close family member is contemplating marriage you may want to share these suggestions with them.