Financial discussion to have with your to-be spouse while getting married

Wedding - is such a beautiful feeling when you gonna be part of someone's life forever. You have had all types of conversations with your future husband about the life ahead. But, did you miss the financial aspects, too? it is important that you discuss the financial plans together. Because when you both turn 60, you need each other's support (along with a good amount of wealth created). Don’t be afraid to ask questions!

According to the CEO and founder of Hello Divorce, Erin Levine, "Marriage is wonderful, but it is also hard work. After all, moving from "me" to "we" means respecting one's own identity while working as a team. Before you get married, having those difficult conversations about finances can be both an act of self-love and a confirmation to both of you that you have each other's backs and are entering marital life with both eyes open and both feet in.

Here are five conversations you should have before getting married:

1. Finance

• Are we going for our individual accounts and sharing expenses or with a joint account to make a deposit each month for our mutual costs?

• What would you say about holiday expenses?

• What financial freedom do we have to spend our income?

• Will we fix one's income for necessities and others' for luxuries?

• How do we manage our self-care/grooming expenses?

These questions are more important to be discussed pre-marriage than post-marriage because small nuances will irritate you if you are not comfortable or if you haven’t made your peace with it before the marriage.

2. Loans

Discussion of existing and possible future loans is critical before marriage planning for a peaceful married life. You both may have some sort of loan such as a car loan/ education loan/ home loan and now you may be thinking of buying a future home together, another car, etc. So the best would be to discuss your cash inflow vis-a-vis potential outgo and how will you finance it. So, when you are going to share your life, you must be ready to share your partner's debt and discuss ways in which you are going to help. No matter what you owe, discuss it openly with your to-be. You must discuss how you will pay your loans and your upcoming expenses.

3. Conversation about kids

One of the most significant expenses is for kids. So, before starting a family of two, you must discuss all aspects freely to be a family of three, four, or five. This part must have the following points

• What about the schooling of kids, private or public education?

• How do we receive services from daycare or nannies?

• How do we manage extra-curricular and curricular activities?

• Plan family visits on vacations

• Must keep in mind insurance and health factors of children.

4. Parents’ safety

It would help if you discussed what part of your income you fixed for your parent's health, food, and other living requirements.

5. Future Goals

Last but very important, the discussion is of future goals and dreams together. It is vital to align what you choose your money for and what to do for yourself and your family. This list may include

• Paying off loans

• Start of family

• Children Education

• Children Education

• Early retirements

• Buying house

Setting goals will help a lot in spending and savings together. Money isn’t everything, especially when it comes to relationships. However, having a heart-to-heart conversation about finances before you get married is important. To understand the nuances of financial planning for couples, you can email us your query at [email protected]. You can also schedule a meeting here.

Tejas LakhaniChartered AccountantFincare Services+91-9773687483Ex-PwC, Ex-ACChttps://fincareservices.com