Talk Personal Finances Before Marriage

Added November 9, 2004 by WGN-TV Show Notes

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Summary: Getting married? Congrats! But before you take the plunge into marriage, it's smart to have a little talk about personal finances. Remember, most couples divorce because of money issues, so if you start talking about money before marriage, you'll be way ahead of the game.

Q. I own my own house, have good credit, and I've saved up some money in the bank. But my fiance's credit is less than stellar. Our wedding is coming up soon and I'm wondering what kinds of financial steps we should take before we get married? - Nancy

A. Nancy, you're wise to ask these questions before you say "I do." You might want to start talking to your fiance about these issues and more before the big day. Let's go over some things you guys should be talking about:

First on the list, you have to talk a bit more about credit and what he is doing to raise his credit score. If he has debts that have to be paid off, you'll want to discuss his plan to pay it off and what you're going to do to help.

Are you going to combine everything or keep separate accounts? Perhaps you'll have one joint checking account to pay the house bills - make it an online account you can take turns paying the bills.

Are you going to keep your assets separate? It may not make sense to put his name on the title to your house, especially if he's not on the mortgage.

You should talk about how you both feel about gifts, vacations and savings and how much you're comfortable spending - hey, Christmas is coming. Finally, you should talk about your future financial goals and how you're going to get there.

It's so important to figure out what your money values are and if the mesh with your fiance's take on money and finance. Most couples divorce because of money issues, so if you can work this out now, you'll be way ahead of the game.

RESOURCES

For good general money information:

www.money.cnn.com

For information on interest rates and loans www.bankrate.com

For information on deals and scams www.clarkhoward.com

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