How to talk finances before a marriage

On behalf of admin

Married couples in Wisconsin tend to do better when they share similar values related to money. According to an Experian survey in 2017, 59 percent of respondents said that financial issues played some role in their marriages coming to an end. Furthermore, 26 percent said that their spouse’s credit score strained their relationships to some degree.

Ideally, couples will discuss their finances and develop a financial plan before getting married. This can be done by meeting with a financial planner or a financial therapist. Local churches may offer financial advice as part of a counseling program prior to getting married. Having this conversation before a wedding allows financial problems to be disclosed and potentially resolved prior to getting married. This discussion could lead to the creation of a prenuptial agreement. While talking about a prenup may be difficult, having such an agreement could make a divorce easier to prepare for and go through from a monetary standpoint.

It’s important for each person in the relationship to be brutally honest about their finances. This means individuals should be ready to disclose their debts, credit scores and any other blemishes that might exist on their credit reports. It may also be worthwhile to discuss subjects such as child or spousal support while each party is thinking rationally about the future.

Creating a prenuptial agreement prior to getting married could help resolve issues related to property division in a divorce. If a couple has children, it may be possible for parents to come to an agreement as it relates to child support or raising the child in general. However, any agreement parents create will likely need approval from a judge. An attorney may review any pact made prior to it becoming binding on all parties.