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Talk Money Before Marriage


Different approaches to money

People often have very different approaches to money. Some people are disciplined, saving regularly and planning for the future. Some people spend money as soon as they get it. Some people have that spending urge, but can keep it in check if they get the right financial advice. Marriage is a process of discovering one another and discoveries about money shouldn't be nasty ones.

Questions for your intended...

  • Do you have any debts?
  • How will we manage money? What kind of insurance coverage do you have?
  • Do you have a will?
  • What financial and overall goals can we set together?

Trying to reach a compromise that works in your marriage can be a sensitive process. At the very minimum, you and your intended should sit down together to talk about any debts you may have and your approach to day-to-day financial matters such as paying bills and using credit cards.

Set goals together

A more comprehensive approach would be to meet with a financial advisor to talk about the basics. Seek out someone who is a member of Advocis. Young couples can start working out their financial goals right from the beginning. An advisor with a Chartered Life Underwriter (CLU) designation can help them decide on their need for life insurance. See Designations to look for

Saving for a home or for retirement are important steps in building a life together. An advisor can also help you decide whether you need legal documents to cover some portions of your financial planning. Does either partner have a will? See Preparing for your death. Is either partner owner of an inheritance or partner in a business? Do you need a marriage contract? These are important questions to settle before the exchange of vows.