Wedding Bill Dues: Questions to Consider, Before Considering Marriage
So, you have met the person of your dreams and have decided to tie the knot. Cloud nine is where you are sitting right now and everything is beautiful with visions of tulle, china, and wedding cake filling your every waking, as well as dreaming moment. Chances are you have set a budget for your wedding and honeymoon, but how much thought have you given to after the nuptials and honeymoon? Unfortunately, many new brides and grooms-to-be do not give much thought to how they will handle finances once their lives together begin. There are many considerations that should be taken into account before setting out to set up house, and decisions of how to handle finances and the future should be discussed and made prior to the wedding. For the first bills come due within days of saying, “I do.” It is advisable for couples to answer a few key questions prior to embarking upon marriage. Some individuals might find that their goals for the future are quite different from their intended.
Where Do You See Yourself in Five Years?
Anyone interviewing for a new job has heard this question, yet when most think in terms of marriage, there is the assumption that both parties are on the same page, and the same path. A great deal can happen to individuals both personally and professionally in a five-year span. It is important to discuss both professional as well as personal goals prior to getting married. One of the most common reasons given for divorce is: We just wanted different things.
How Conservative are You When It Comes to Spending?
Face it, when you get married, it is not all about you anymore. Even the most independent of partners should take the other into consideration when making purchases. If one partner is conservative and the other a shopaholic, there will be more than differences of opinions. This is not to say that one partner should seek permission before pulling out the Gold Card to buy that cashmere sweater in all the favorite colors, but an honest look at the combined budget, and short-term, as well as long-term goals should be taken into consideration before making purchases.
What is Your Credit Score?
This may be one of the most discomfiting questions one can ask a potential marriage partner, and in truth should be asked early, rather than later. Most do not realize that their spouse’s credit score, while individually his or her own, can have a negative impact if the couple holds joint accounts. Remember, a low credit score exists for a reason. So before applying for that joint store card, or even a mortgage, be sure that your potential spouse is both financially aware as well as financially responsible.
How Much Do You Pay for Auto Insurance?
Like credit scores, your spouse’s driving recordwill affect your auto insurance rates, and high insurance premiums can break the budget. This is an often-neglected conversation until that quote comes back that is more than triple what you paid for as a single person. While this is not a good enough reason to call the whole thing off, it is good to know ahead and avoid an unpleasant discussion later down the road.
How Much Life Insurance Do You Plan to Purchase?
As morbid as this sounds, it is important for a married couple to ensure that should one die, that the other is not left financially destitute. Most employers include life insurancein their benefit packages, but it is often not enough to take care of long term expenses that could be incurred in the event of a long illness, or to compensate for the loss of the other spouse’s income. Another insurance concern would be if there is a policy for critical or long-term illness.
Talking about money prior to getting married may not be romantic, but arguing about money when married most certainly is not. If your potential spouse avoids discussing money and the future financial outlook of the two of you, this is not a good sign and should be considered before saying, “I do.”
Good and open communication is essential to the success of any relationship. For help in getting the conversation started, speak to your clergy, or find a licensed marriage and family therapist who can help you work through communication issues so you can focus on setting clear and realistic goals. Talking about the uncomfortable topics now, can save conflicts and arguments later.
