Have you found the special person with whom you wish to spend the rest of your life? Have you decided to get married to the person whom you love most in this world? If yes, then there are few monetary questions which you should ask to your future life partner now. As per the modern concept of marriage, it is the union of 2 souls and money. A lot of marriages have ended in divorces due to financial disputes. This is why it is much better to start your married life with total knowledge of the financial situation of your future life partner. Read on to know about the 6 money questions to ask your fiancée before marriage.
Monetary questions you need to ask before your wedding
Here are the 6 monetary questions you need to ask your fiancée before taking the wedding vows:
Q. What is his net worth?
A. This is a very important question. You'll need to ask your spouse about his total savings, income, debt-to-income ratio, etc. This will enable you know whether or not he can support you financially. You need to know what kind of life you will have after marriage.
Q. Does he have any debt?
A. You must ask your fiancée about his debts. Does he have a lot of secured and unsecured debts? Ask him how he plans to pay off his debts? Most importantly, does he have any inclination to clear his dues? If you live in a community property state, then you'll be legally liable for his debts post marriage. So, ask yourself as to whether you are fine with it. If you're not interested to handle his debts, then you need to think seriously about this marriage.
Q. Does he use lots of credit cards?
A. Ask your spouse about the number of credit cards he uses. If he uses multiple credit cards for making his purchases, then this means that he has a spending problem. Check out his credit-utilization ratio. If his credit-utilization ratio is very high, then it implies that he can't manage his finances well. He may get into financial problems in the near future, which may trash his credit score. Your spouse may not qualify for a loan in future, which will be bad for both of you.
Q. What is his source of income?
A. It is extremely vital to know about the occupation of your spouse. You obviously would not want to get married to a thief or a scammer. Gather knowledge on the company in which works. Will his current job help him turn his financial dreams into reality? If not, then does he intend to switch to another company soon? You’ll be able to shape your financial life after knowing the answer to the question.
Q. What is his credit score?
A. You must be knowing that credit score reflects the credit worthiness of a person. It lets you know whether or not a person is a responsible borrower or not. So, ask your future life partner about his credit score. Credit score typically ranges between 350 and 800. So, if your future husband’s credit score is 550, then you’ll know that he is not a credit worthy person.
Q. What about his monetary goal?
A. Have a frank discussion with your fiancée regarding your financial dreams and goals. Ask your fiancée about his long term plan? Does he want to have his own house at some point in life? Does he want to take you to a world tour within a few years of marriage? You should also reveal your own dream to your fiancée. If you want start your own boutique post marriage, then tell him so. This way, you can both work to achieve financial goals together.
Finally, you should ask your fiancée as to whether both of you are going to work. This will help you evaluate the total family income and create a budget accordingly. You can know how much you need to earn when you plan to have kids. If both of you decide to work actively after marriage, then determine how much each of you will contribute towards household expenditures. Most importantly, ask him whether or not both of you will maintain separate checking accounts. This may help you avoid unnecessary money disputes with your spouse.