A person’s financial status is often a touchy matter. This is especially so when a person has a number of skeletons in his closet involving bad financial management and money issues. When two people get married, their finances inevitably get intertwined as well. Even if they choose to keep separate financial affairs, the legalities of marriage put these matters into another light. They often become jointly liable for the financial obligations of the other. Most marriages actually fall apart because of these issues. To keep things in perspective, it is important for the couple to discuss their financial status before the tie the knot. This is not necessarily done to count apples but merely to complete the picture of who the person they are marrying is. Someone who is not financially responsible might not be ready to take the plunge into wedded bliss. In this case, it’s better to find out early on in the relationship than later when things get murky and the family might be involved.
Financial compatibility should be part of your criteria for marriage. Marrying someone you are not financially compatible with will only spell trouble. This does not mean that you should be of the same social status or have equal balances in your savings accounts. This has to do with money principles and financial management practices.
Do you save regularly or at least understand the importance of saving regularly? Do you often spend big bucks on important items without considering your other expenses? How do you view loans? How do you handle financial setbacks? These are just some of the questions that each individual will have to answer. You and your fiancé will have to know what and how much you are willing to do to keep the future family’s finances in order. If there are differences in your beliefs about money, saving, and spending, you have to find out how you can compromise. If you are not willing to budge on your credit card swiping habits and future spouse does not tolerate the use of credit, you have a lot to talk about.
Discussing money matters before the wedding, just like everything else that concerns your life together with your fiancé, should not be confrontational. It should not be a talk about uncovering something that he’s been hiding from you all along. It’s about how the two of you can come to an understanding about how you will build and manage your family’s financial resources. This is one of the foundations of your life together. You have to make sure that it is strong enough to hold your family together for years to come.