As newlyweds, you are learning about each other in many new ways. One of the most important areas to learn about is how to handle finances together. Many newlyweds haven?t experienced handling their money together as a couple. Now they must learn how to discuss their new finances open and honestly, or possibly face financial consequences later.
Financial Compatibility
Financial compatibility is important to your relationship as you combine all things monetary, including assets and debts, which are shared in your financial future together.
Are you marrying someone with a lot of credit card debt or a poor credit score" Have they been fiscally irresponsible at some point, or have they ever been bankrupt" Get the difficult (and possibly embarrassing) discussion out of the way. This is the time to share your trust and accept that it?s beneficial to review all your assets, debts, credit scores, and pay stubs. You don?t want to keep financial secrets from each other, because in many instances, you are now commingling your finances. Additionally, you both may have your own separate assets from before your marriage which you may still want to retain separately. Be Transparent with Your Financial Picture
The number one reason for marriage problems is money, so it?s best to be financially honest and transparent with each other and work together on finding a strategy. Even if one or both partners have money problems, start simply. Try asking each other questions. For example...