Before You Say “I Do” – Financial Planning for Married Couples
The Importance of Financial Planning Before Getting Married
Hawaii is a melting pot of nationalities with different customs and beliefs. Because family and lifestyle has such an impact on our money personalities, it is important for couples to discuss finances to understand each other’s beliefs and goals. Money can be an emotional topic, therefore open communication about finances prior to walking down the aisle is essential.
Topics Worth Discussing Before Your Wedding Include:
- How much are you both making before and after taxes? Is there money being put in a 401K or other retirement account?
- Are you spenders or savers?
- What is your credit like? It is a good idea to share your credit reports with each other.
- Will there be a prenuptial agreement? This decision is usually dependent on current assets or if it is a second marriage.
- What do you want out of life? A big house in the country with three kids or city living with a lot of travel?
- How are you going to merge your current bank accounts? Who will manage the finances and pay the bills?
- Will there be separate bank accounts each person’s individual spending?
Honest communication about finances should not be feared. In fact, this dialogue before marriage should lead to building a financial foundation together and creating goals that will lead to a lifetime of wedded bliss.
