Important Topics to Discuss Before Merging Marital Finances

(Photo : Important Topics to Discuss Before Merging Marital Finances)

Traditionally married couples would take their vows and every aspect of their lives would be combined til death do them part. Nowadays couples are opting for more modern combinations of wedded bliss, and merging finances is always a big topic of discussion. There is no right or wrong way to design your martial finances, but it should go without saying that no matter how you decide to design your life there are some important topics to discuss before everything gets thrown into the pot.

Individual Debts

Debt is a common piece of everyone's personal financial puzzle, having said that you would be doing yourself a disservice to simply just acknowledge the amount and type of debt you and your partner are bringing into the marriage as opposed to breaking down the details and laying them all out together. Student debt is one of the most common types of debt so that is a great example of an easy topic to start with since it is probable that you and your partner will both at least be familiar with this possibility. 

Depending in which stage of life you are in when you decide to get married, student debt might not even be technical debt yet. If you have not yet started school when you decide to get married this is another great opportunity to talk about student loans. Understanding up front what this will mean for your financial future as a married couple and how repayment will look once that period begins is going to create transparency that sets you up for successful conversations. You can take out a student loan from a private lender to pay for college and have a more tailored experience regarding where you can and cannot allocate those borrowed dollars. Online resources are available like Earnest student loans so that you can research options and educate yourself before you take the step of applying. 

Family Planning 

Having children is not a marriage requirement and having kids is not a part of every person's plan. However, the decision to have or not have children is significant and you owe it to yourself and your spouse to talk about family planning prior to walking down the aisle. Keep in mind too that family has a broad definition. For some couples, natural born children define a family, for others fostering or adopting kids is their dream, some also consider not having children but instead dedicating themselves to family pets to complete their family tree. 

Living Arrangements 

Where you will live once you are a married couple might not be a decision that you make once, and that is it for the duration of your marriage so having a conversation about not only where you will begin your lives together, but the possibility of relocation is smart. Even casual conversations about living arrangements are helpful especially if one person is coming into the marriage with more experience moving around than another. Moving is one of the most stressful life events so it does not hurt to loosely discuss your individual tips for a successful move regardless if it happens one time or ten times over the years.