Marriage is not just a romantic partnership, it’s a financial one too. With nearly half of couples (44%) divorcing due to the cost of living crisis, it’s important to go into marriage on the same page.
Although the wedding bubble is exciting, with nearly half of couples (44%) divorcing due to the cost of living crisis, it’s important to have honest conversations to start your married lives together with no financial worries.
Here, Anel Andrew at MoneyPlus presents 5 questions you should ask your partner before you say ‘I Do’:
Do you have any debts?
Debt shouldn’t be a taboo topic, it should be discussed openly with your partner, especially if you are wanting to get married which is a huge financial decision. Whether it’s student loans, credit card balance or a personal loan, it’s important to be honest and disclose this to your partner. In the UK, one partner isn’t automatically liable for the other’s debt, however if you decide to apply for joint credit (a mortgage), your partner’s credit score can affect your own.
Should we keep our finances separate?
For some couples, especially if you own a home, it can be easier to pool your finances. However for some, they prefer to keep them separate. There’s no right or wrong approach, but it is important to be open about what you would like for your relationship. When opening a joint account, keep in mind that this will financially link you with your partner in the eyes of credit agencies, which may affect future applications.
How much do we want to earn as a household?
This isn’t just about salaries, it’s important to know what kind of lifestyle you both want to have. Do you want to both work full-time, does one of you want to consider working freelance or retrain at any point or take time off in the future (e.g. for childcare)? Talking about your future goals will help you understand what is affordable and achievable for you both and can take off some pressure later on.
Do we agree on financial boundaries?
Everyone has different comfort levels when it comes to spending and saving. But what about lending money to family and friends? One of you may be happy about this and the other may feel uncomfortable doing so. If you discuss boundaries with each other, it can make the situation a lot easier if it occurs and avoid any uncomfortable conversations.
What are your financial goals?
Whether it’s getting on the property ladder, saving for children, taking a year travelling or retiring early, it’s important to know what each of you is working towards. Being open about where you see yourselves in the future can help you align budgets and your priorities.
Marriage is a partnership built on communication and trust, and by having conversations before you walk down the aisle, you can build a strong relationship and be able to feel comfortable with your shared finances.
For further support, you can access free, impartial money advice from MoneyHelper.
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