For many people, the only question that needs to be asked before getting married is the obvious one – Will you marry me? But, asking a few financial questions could also make sure that the two of you remain richer rather than poorer. So, what are the big questions you should be asking?
Do you want to get a joint chequing account?
Some experts will tell you that it’s best to have all your money in the same account so you’re not forever counting the nickels and dimes that are in both accounts and trying to figure out what bill to pay from which account. Other financial experts will tell you that it’s best to keep everything separate, should anything happen to the marriage and just to keep your own financial independence. What do we think? It really doesn’t matter. What does matter is that you know the answer to the question. It could make a huge difference if you ever want to apply for a mortgage or a HELOC together.
How much debt do you currently hold?
Having an estimate here is simply not enough. You need to know exactly how much debt you have in credit cards, secured lines of credit, student loans, car loans, and any other forms of debt that you carry. And yes, a concrete number is essential. While it’s probably not going to be a deal-breaker when it comes to whether or not you get married, both of you have to know what you’re getting yourself into, and how you’re going to deal with it as a couple.
What are your financial aspirations?
This is a big one because it covers a lot of financial bases. Where do you want to retire? Is it the same place, or at least in a similar region? Is one of you a savvy investor, while the other doesn’t know the difference between stocks and bonds? Again, not a deal-breaker for the marriage, but good to know nonetheless.
What will our living costs as a married couple be?
Even if you live together, the chances are that your finances are going to change. Are you buying a home together? Are you going to be spending more on entertainment so you can enjoy your time together, or will you spend less because now you’ll content to stay at home together? Will you have to get another car, or be able to give one up because you no longer both need one? There are thousands of different scenarios that come into play when you’re talking about how living expenses will change after you’re married, and it’s important to consider how those are going to affect your daily living. ”
