When a couple decides to get married they are often lost in the moment and preparation for the “big event.”
We have all heard about the let down when the honeymoon is over and reality sinks in. Part of that reality is dealing with the financial aspects of having to make joint decisions regarding money.
Getting married means combining independent financial lives as well as the emotional changes that go with it. It can be challenging!
In this series of blogs I’ll provide questions that will help get the conversation started, leading to more questions, and should be addressed by everyone getting engaged or even thinking about marriage.
How will we share living expenses? You have been paying your own bills and making all of the financial decisions. Do you try and equalize the amounts paid for living expenses? Or do you share the expenses proportionally if one person earns significantly more than the other? Trying to get a handle on this issue before the first bills come in after the wedding will go a long way to avoiding early marital conflicts!
Will we maintain separate or joint bank accounts? If both have been in the work force, earning money and paying their bills, why would they change? In general, it makes sense to have a joint banking account but maintaining one of your own is also very important. This is because each person needs to have “their” money that they can feel free to spend as they see fit, without having to ask the other party.