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When it comes to getting married, it is important to see your finances in a completely open way. This can be difficult if you have made financial mistakes in the past. If you start with open communication, you will remain in your marriage. These are the five main financial problems you should discuss with your spouse before getting married. These issues can help you determine if you are financially compatible and in what areas you need to find a commitment. First of all, you need to analyze the debts that everyone can have.
If you have student loan debt, you don’t have to consolidate it together. There are many benefits that allow you to keep this apart.
If you have a credit card debt, you need to work quickly to pay it off. Once married, you should only have one credit card account, and it should be a shared account. You have to work together to pay for all the personal loans.
If both are owners, they must sell one or both and register the other under both names. Second, you need to analyze all the assets you have. It can be your retirement savings, your home, your car, your general savings, and your general investments. It is important to consider these assets as mutual. Your retirement savings in 401k or IRA plans depend entirely on you. You can choose to collect income or assets to pay off your debts.
Third, they should know their savings and spending habits. In general, it is best if they are very similar, although they can be personalized in different areas to help each other.
You should be able to communicate effectively on these issues, and understanding the reasons why everyone likes to spend or save can make communication much more effective. You must let dirty clothes out. Now is the time to admit that you declared bankruptcy or stopped paying by credit card. You must ensure that your future spouse is fully informed about debt problems. This is especially true when you think about debt. If your spouse finds out later that something has been hidden from you, this can lead to serious problems of trust in the marriage.
Fifth, you should discuss what you think about money. It is different from spending and saving habits. You may want to discuss the following questions: How did your parents handle your money? Would you do something different? Did you have to work for what you wanted, or did your parents simply put it at your disposal? Do you see money as a tool or a burden? Would you rather save, donate, or spend? Should we give money to others? Remember to keep your relationship spending time together. You can keep favorable dates to keep the romance alive. It is also important to always talk about your finances during budget meetings and when setting goals. The more open to your situation, the easier it will be to continue communicating effectively during your marriage.
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