Marriage & Money: Are You Financially Compatible?

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Make sure that you and your significant other are financially compatible PRIOR to your marriage by having a conversation that includes the following elements:

ASSETS
Print off copies of bank, money-market, investment and retirement account statements and share this information with one another so that both partners are aware of the assets that will be brought into the marriage.

LIABILITIES/DEBT
Print off account statements displaying any loans such as student loans, personal loans, auto loans, mortgage loans and credit card debt. Share this information with one another.

INCOME
Share the amount and sources of your income with one another.

EXPENSES
Discuss your monthly living expenses and how much you plan to spend after getting married. What type of lifestyle do you plan to live? How much will it cost?

CREDIT REPORT
Access an online copy of your credit report and review it together.

CHILDREN
Do you want to have children? How many?

HOME
Where will you live after getting married? Will you rent or buy? If you plan to buy, will it be a condo, town-home or house? Where will it be located? How much home can you afford?

The purpose of this conversation is to help ensure that you and your significant other are financially compatible and have similar expectations for your financial future.

Upon the completion of this conversation and exercise you will have a better idea as to whether you should pursue a life with your partner or not.

In my experience as a financial advisor who works with many married couples, ironing out the details of your financial life prior to the wedding can help ensure you are financially compatible and will also help you avoid potential problem that may later arise.

For more information on my advisory services, please visit: https://www.maywealthstrategies.com

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