For those taking the plunge, it’s important for the couple to discuss their current financial situations and determine how finances will be handled during marriage.
Joshua Kadish, registered financial consultant with RPG-Life Transition Specialists, said that while some financial factors may seem personal in nature, it’s best to share information so couples are on the same page.
“Few people speak about the link between finance and relationships, yet money often acts as a major contributing factor to divorce,” said Kadish. “Understanding how to navigate through financial challenges and preparing for the future will allow you to build a strong financial foundation for your relationship.”
He offers this list of 10 financial topics couples should discuss before saying I do:
- Credit score: A recent survey by credit-rating agency Experian found that credit scores are the number one issue couples fail to discuss before the wedding. Poor credit may indicate that one person has money management issues. To improve bad credit, discuss financial mistakes and work together to change bad money habits, such as not making payments on time. Failure to improve a poor credit score can delay achieving financial goals such as qualifying for a mortgage.