With the divorce rate climbing, knowing your partner’s financial situation BEFORE you stand at the altar should be mandatory. ?
If you don’t know everything before you sign on the dotted line, you might be in for a wake up call real quick.
You need to feel comfortable talking about money, how much debt you have, and who will be in charge of what.
When you tie the knot, you are saying “yes” to being one and that comes with your finances. ?
My best advice: ask alllll the questions so there are no surprises. Technically your money and assets are all joint once you day “I do” unless you signed a pre-nup…so you need to cover your bases and have the hard conversations before life gets harder.
Look at each other’s credit reports. Have a plan to join your finances together. Create a budget together once you are married.
But until then, be responsible for you. You have no obligation to pay each other’s bills or owe your partner anything until you are married.
Taking joint responsibility for paying bills and even having weekly meetings to go over the budget and spending will make you win with money together. DO NOT rely solely on your partner to manage the finances.
Be involved. Do it TOGETHER. And be patient with each other.
We all have different money styles and money issues (who, me?) so try to create a common ground and safe place to work together.
Have you ever found out something about your partner’s finances you did not expect? What did you do?
What’s your best advice for managing money as a couple? Let me know!