Before "I Do" Part I: Important Financial Discussions to Have Before the Wedding

Wedding bells are ringing, you’re counting down the days until you get to marry the love of your life, and finalizing all the fun details of your upcoming nuptials. While you’re enjoying the emotional high of your engagement, don’t forget to have the important conversations about life after the wedding to make sure you’re both on the same page—conversations about your marriage and future. The wedding is only one day of your life. Your marriage is “until death do us part” (hopefully)! Today’s post is the first in a three-part series about important discussions to have before your wedding day.

As family law attorneys, we often see marriages break down due to poor communication and differences in finances and childrearing. Allow the conversation starters listed below to be an opportunity to draw closer as a couple and solidify your relationship’s foundation—and ensure you won’t have any unexpected surprises regarding financial and legal plans after the wedding day. Consider each question carefully and discuss with your partner how you want to handle each issue. Even better, reach out to a marriage counselor or therapist to facilitate these conversations during a few premarital counseling sessions.

• Are you spenders or savers?
• How do you want to spend “fun money” (disposable income)? What are your priorities in spending disposable income (travel, luxury items, home projects, etc.)?
• Do you have debt you will bring into the marriage? Think about and discuss all credit cards, student loans, car loans, mortgages, or other personal debt.
• Do you want each partner’s separate debt to remain separate? If there is significant debt and you want it to remain separate, do you want to protect the other partner from that debt by executing a prenuptial agreement prior to your wedding day?
• What amount or type of debt is acceptable to each of you, if any?
• Do you have significant assets (bank accounts, investment accounts, retirement accounts, and so forth) you will bring into the marriage?
• How do you want to contribute to your retirement savings, emergency fund savings, other savings accounts after marriage?
• Do you own a home or other real estate holdings that you will bring into the marriage? Do you want that property to remain separate? Consider executing a Prenuptial Agreement prior to your wedding day.   
• Do you have personal property or household items that you want someone besides your partner to inherit if you pass away unexpectantly? Consider executing a will before or soon after marriage.  
• Do you hold a whole life or term life insurance policy? Who will be named as beneficiary?
• Do you own your own business or have an ownership stake in a business? Consider executing a Prenuptial Agreement if you want that business or ownership stake to remain separate property.
• Who will you name as beneficiary on retirement accounts and pension plans? For many plans, you will need consent from your spouse if you want to name anyone other than your spouse as the beneficiary of retirement accounts and pension plans.
• How do you want to set up your bank/investment accounts after marriage? Do you plan on holding joint bank accounts, separate bank accounts, or a combination of both?
• If you are going to have separate accounts, how will you handle joint expenses like shared household bills and rent or mortgage payments?  

The answers to these conversation starters may lead you to decide you would like to have a Prenuptial Agreement in place or complete your estate planning. A Prenuptial Agreement can solidify your financial agreements regarding which funds and accounts remain separate property of each spouse after marriage and which will become marital property held jointly by the spouses. You may also want to consider executing a Will, Healthcare Power of Attorney, or Durable Power of Attorney to provide for your spouse or children from previous relationship, and to prepare for the worst-case scenario (just in case). Please reach out to our office so we can assist you. We are here to guide you on the legal aspects of your journey to marriage and beyond so you can focus on enjoying your new life. ​ 

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