3 Financial Conversations To Have Before You Remarry
If you are getting remarried, it can be a joyful time for you and your prospective spouse.
Before you talk about who to invite and what kind of cake to serve, it makes sense to sit down and go over some critical financial matters. While money might not be the most romantic topic, it’s one you’ll have to cover at some point, and it’s best to do so before you exchange vows.
Below, you’ll find three conversation topics that all couples should explore before taking their relationship to the next level.
Speak Frankly About Each of Your Financial Situations
Before you get married, you should put all of your financial cards on the table. If either of you is deceptive about the state of your finances, it will drive a wedge between you sooner rather than later.
You should go over how much each of you makes in your current job, assuming both of you work. If one of you plans to be the primary breadwinner while the other stays at home to raise the family, you should both be on the same page about that as well. Debt is also an important point of discussion. Cover what debts you both have, if any, and discuss how you might pay off debt with low-income.
Talk About Your Financial Goals
Your financial goals should be up for discussion next. Honesty will undoubtedly be the best policy here, especially if both of you were married in the past. Money-related disputes break up marriages or long-term relationships more than anything else so it’s important to be explicit about how you plan to earn and use money in the foreseeable future.
You should talk about things like where you want to live both now and in the future. Do you want to stay where you are, for example, or would you prefer to move to a different city or state? You might talk about where you see yourselves in a few years or even in retirement. How you approach your finances will play a huge role in whether you can turn those aspirations into a reality.
Consider a Prenuptial Agreement
A prenuptial agreement is the third conversation topic you may want to explore. Some couples shy away from this concept, thinking they should share everything, including all of their assets.
If both of you agree that a prenup is unnecessary, you can move forward with no further issues. However, it could be that one of you has a lot more money, property, and other assets than the other.
If both of you are fine sharing everything you own jointly from your wedding day onward, it might work out wonderfully. Where there is a significant wealth disparity between one partner and the other, though, some individuals will want to at least consider drawing up such a legal clause.
Once you’ve spoken about these issues, you should be able to move forward and enjoy your nuptials with a clear understanding of what each one of you expects from the other and how you will use your money jointly to achieve your future goals.