Financial Conversations to Have Before Getting Married

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

As you have probably heard before, communication is one of the most important parts of a healthy relationship. That said, communicating about money is something you and your partner absolutely must do, especially if you are planning on tying the knot anytime soon. Although finances can be a sensitive topic, you'll likely find that it's very difficult to make important decisions such as where you'll live unless you've had a chance to sit down and talk about where you both stand - here's what you need to discuss:

Your current debts.
What debts are you both currently working on paying back, and how much are your balances for each? For example, do one or both of you still have student loans in your name? Or, do you have credit card bills you're paying down? Understanding each other's debts and financial obligations (such as if there are children in the picture already) is extremely important in order to create a budget that works best for both of you.

Your credit report.
If you haven't already purchased a home together but have plans to in the near future, you'll need to know your credit scores to help you figure out what type of loans and mortgages you could be approved for. So, take the time to look at your credit reports together and make sure that everything is accurate - remember that even the smallest of errors can negatively effect your score, so you'll want to catch these as soon as possible.

Your retirement savings.
Taking into consideration how much you both have saved already, you'll need to figure out how much of your future income you'll be putting away for this purpose, as this will directly effect how much disposable income you will have for your house, cars and recreational activities. 

Your thoughts on a prenuptial agreement.
Prenuptial agreements are legal arrangements that explain how your assets would be divided should your marriage end. Even if you think you already know whether or not you want one, it's best to revisit the conversation to see if your views have changed.

Your future plans.
Where do you see yourself in 10 years from now, and where does your partner see themselves? Are you more interested in buying your dream home whereas your partner is more interested in saving for the vacation of a lifetime? These are all things you must figure out so that you can set up a strategy that will help you both meet your goals.

Marriage is meant to be one of the most exciting times of our lives, and we know that sometimes discussing money can make things a bit stressful - that's why we're here to help.

At American Investment Planners LLC, we'll work with you to understand both you and your partner's financial philosophy and help you develop a plan that will work in both of your favors.

For more information or to set up an appointment with an advisor, please call (516) 932-5130 or email info@americaninvestmentplanners.com today.