• 22
  • April
    2011

As stated in a previous post, "one of the more effective asset protection tools in a marriage is a prenuptial agreement." While this is certainly true, not all soon-to-be married couples look upon prenuptial agreements favorably. In fact, many prefer to put their trust in their partner and have faith that any financial matters will handled in the appropriate manner.

While this is an understandable point of view, it is nevertheless very important for couples to have certain financial conversations prior to their marriage, as it will prevent surprises and help them plan accordingly.

Today's post will examine a few of the topics that financial experts recommend couples consider discussing prior to their wedding.

  • Yearly salary: While the topic may have once seemed taboo, a married couple will likely want to discuss how much they make with one another. In fact, this will be one of the cornerstones of the entire financial discussion. By knowing one another's respective salaries, a couple can begin to discuss where they want to live and what they can (and cannot) afford.
  • Credit scores: Before entering a marriage, it's important that each person has a clear understanding of their spouse's full financial history, including their credit score. This is important because a low credit score can be indicative of poor money management skills and even affect the couple's ability to secure a loan in the future. An open conversation can help the couple identify how to proceed and reach their financial goals.
  • Benefits: Before a couple gets married, they will probably want to verify that they may add one another to their respective health insurance plans provided by their employer and discuss which plan would be more beneficial. In addition, couples will probably want to consider adding one another as a beneficiary to any employer provided retirement plans.

To be continued ...

Stay tuned for more from our Denver divorce blog ...

If you would like to learn more about divorce, property division or asset protection, you should strongly consider speaking with an experienced legal professional.

This post is provided for informational purposes only and is not to be construed as legal or financial advice.

Related Resources:

10 things to know about your fiancé's finances before tying the knot (Fox Business)