Money Topics Engaged Couples Should Discuss

 Posted on November 10, 2014 in Child Support

There are many issues that an engaged couple should discuss before they actually get married. Often, a couple gets so caught up in the romance of the event that they forget about the practical and important financial issues that should be decided before the actual walk down the aisle happens. And since money is one of the most common reasons why married couples argue, there are certain topics that should be discussed to avoid major problems between the couple in the future.

Both partners should share with each other how they see their shared future. They should both have a clear understanding of whether or not they both want children and how many. They also both need to have a clear understanding about where they would like to raise that family, such as in the city, suburbs or in the country. Both partners also need to be aware of any future career goals their future spouse may have and how those goals could impact their life together.

There also should be an honest discussion about each other’s current financial obligations. For example, if either partner has children from previous relationships, the other party has the right to know what the financial obligation is for those children, including how much child support is paid out or how much child support is received. It is not only current financial obligations that are important to share, but also future ones, such as elderly parents that may require financial assistance or any medical issues.

Each partner also needs to be aware of what the other current debts their partner holds. Do they have student loans, credit cards, car payment, or other amounts that they owe? It is also important to know what each partner’s credit history looks like. If one partner owes a lot of debt, or has a bad credit, this will affect the other partner’s credit in a negative way once they are married.

Couples should also discuss whether or not they should have a prenuptial agreement drawn up. There are many reasons why it makes sense for couples to have an agreement in place before they marry, especially if there are children from previous relationships or one of the partners has a business they own. An experienced Lombard family law attorney can discuss all your options in order for you to decide whether you should have a prenuptial agreement.