8 Money Questions To Ask Before Marrying – You MUST Ask These!

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8 Money Questions To Ask Before Marrying

You Absolutely MUST Ask These 8 Finance Questions!

 

When we think about getting married, most to-be brides focus on the wedding day itself.

They fuss over picking out their shoes or decided what food to serve on the big day while skimming over the fact that there are bigger fish to fry.

 

Discussions about finances are a crucial part of preparing for your future.

 

I cannot stress this enough.

It’s so, so, so important to talk about money early in your relationship to avoid any potential future issues. 

A study from Kansas State University, “Examining the Relationship Between Financial Issues and Divorce,” sheds light on the subject.

It found that couples who struggled with money in the beginning of their relationship were more likely to get divorced.

 

So have you had a conversation about money yet and if not, why?

 

Don’t stress it is never too late to start this conversation, though sooner is better than later.

 

Here are 8 money / finance questions you need to ask before marrying your partner (or as soon as you realize you have been missed them).

 

 

QUESTIONS TO ASK BEFORE MARRYING

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

 

  • Couples need to decide in advance how they want to handle all of their finances after marriage.
  • Most choose to combine the accounts or open new joint ones.
  • Work out which option will be best for you.

 

QUESTIONS TO ASK BEFORE MARRYING

# 2 – Who will pay the bills each month?

 

It’s easier to choose one person to handle bill payments.

This avoids confusion and makes responsibility clear in the relationship.

In our family that person is me – I am in charge of all bill payments and anything related to tax preparation.

It’s because I genuinely love doing things related to money – I like to keep my eye diligently on what we have while my husband isn’t so fussed.

 

 

QUESTIONS TO ASK BEFORE MARRYING

# 3 – What is your debt?

 

Is your partner bringing a debt into this relationship and if so how much?

Questions about debt and debt management are essential for a healthy financial relationship.

 

  • This debt can vary from student loans to credit cards.
  • Understanding how much debt each person has before marriage will affect future decisions.
  • Can you get a mortgage immediately after the wedding?
  • Can you upgrade your living room furniture?
  • All of these questions depend on how much debt you carry.
  • You need to know this information ahead of time.

 

 

QUESTIONS TO ASK BEFORE MARRYING

# 4 – What are all of your income sources?

 

The paycheck you see once or twice a month may be only a part of a bigger income picture.

 

  • To accurately plan your future, you need to know all of the income sources you and your partner have.
  • Are you receiving annuity payments?
  • Do you get royalty checks from a novel you published ten years ago?
  • These details need to be shared with your partner.
  • Knowledge is power!

 

  • Being open about your income builds trust in a relationship.

 

 

 

QUESTIONS TO ASK BEFORE MARRYING

# 5 – Are you considering more education?

 

Student loans are one of the biggest sources of debt.

If you or your partner is considering more education, how will he or she pay for this additional cost?

How serious are they about studying more?

What’s the plan to manage this additional debt?

 

  • The Consumer Financial Protection Bureau states that student loan debt has reached $1.2 trillion.
  • It’s estimated the average borrower has $26,000 in student loans.
  • Before you pursue more education, you should consider the impact on your future marriage and make a plan to manage it.

 

 

 

QUESTIONS TO ASK BEFORE MARRYING

# 6- What role do parents play in your finances?

 

Are your parents helping to pay your bills?

Or, are you the one helping your parents?

 

These are important questions that affect a couple’s financial plans and decisions.

 

  • How would you feel if a parent helped during a difficult financial period?
  • It’s important to set boundaries and repayment terms ahead of time.
  • Do they owe their parents any money? If so, what commitments have been paid to pay them back?

 

 

QUESTIONS TO ASK BEFORE MARRYING

# 7 – How do you plan to save?

 

Hopefully the goal is to save, not just spend, money when you get married.

Questions about saving need to cover investments and retirement too.

Do you guys have a plan?

Couples can create a savings plan to reach goals like buying a house or taking an international vacation.

 

  • Do you contribute to a retirement plan at work?
  • Do you have other investments?
  • How will combining finances affect your strategy?

 

 

QUESTIONS TO ASK BEFORE MARRYING

# 8 – What are your financial dreams?

 

It’s important to discuss your overall goals for the future.

What’s your big picture dream and what’s the plan to help make it a reality?

You do know you need to have a plan right?

 

  • Do you want to retire before 50?
  • Do you plan on changing careers?
  • Your financial dreams need to be part of the conversation about the future.
  • Your partner’s dreams may differ from yours, but you can combine many of them and work together to reach them.
  • Understanding these plans before marriage will help you make better decisions.

 

 

All in all, couples who ask financial questions before marriage are better prepared for the future.

 

It’s easier to achieve the financial life you desire when both of you support goals that will get you there.

Go through these 8 financial questions today and see if you are both on the same page about your finances or not.

If you aren’t, work out what you need to do to manage the differences.

It all begins with asking the right questions as outlined in this post.

 

 

 

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Before you go…

  • If you are wanting to create new great money babits, I have a great free habit tracker here for you.
  • You can check out my list of favorite must-read money books here.
  • If you want to know 365 excellent savings hacks check out  THE SAVINGS HACKS BIBLE.
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