Marriage, Money, and Mortgages - oh my!
Valentine’s week is one of the busiest weeks for engagements! An exciting time for newly engaged couples as they begin to prepare for their wedding. If that’s you, we want to say congratulations and we hope you have a fun time as you step into wedding planning.
In the hustle and bustle of wedding planning, we think it’s just as important to take time to plan for your marriage as it is to plan for your wedding.
Here’s a few tips on money and mortgages that couples should discuss before getting married.
Tip #1 – Dreams and Goals
Start out by discussing the fun stuff - dreams and goals as a couple. Make sure your money values clear up front with your fiancé.
Example questions: Where do you want to be in two years, five years, 10 years? Are there any major purchases you’ve dreamed of making?
Tip #2 - Set Expectations.
Be clear about what each of you expects in terms of how you, as a family, will handle money. You should also discuss the roles that each of you will play in earning income, budgeting, and spending. Each family is unique, but you must be on the same page for what works for you as a family.
Example questions: How will your new family handle finances? Will your finances be combined? Who will pay for what? What happens if one person makes more money than the other. Or what will it look like it one chooses to be a stay at home parent?
Tip #3 - Home Dreams
Many couples move towards home ownership together after they are married. Even if one or both of them owns a house, they want to combine their lives together in a new home.
It’s common for couples to not necessarily know how much of a home they can afford or what they should purchase when they are first married. Remember, you can always chat with us for guidance on this topic.
Example questions: When do you want to buy a house? Where? How big of a home?
Tip #4 – Personal Disclosures
Don’t forget to disclose your personal financial situation to your significant other.
Example questions: What debt do you have? Have you ever filed for bankruptcy? How much do you regularly save? Nothing like this should ever be hidden from your fiancé.
