Your Money Matters: Finance discussion tips for newly engaged couples
Things to Consider
Comingle or keep separate
Investment decisions as a joint effort
In a 2-income relationship, define who’s responsible for what?
Budget: are either of you used to “living” on a budget
How much (for what)
Are there obligations to a former spouse or children
Credit history and scores
Who is beneficiary
Is it adequate, especially if children exist or are planned
Where, how much, who is beneficiary (be sure it’s not a former spouse or a parent). Insurance policies and retirement plans are beneficiary driven. . . pretty ugly if a spouse dies and his/her life insurance proceeds go to the former spouse.
Is putting money away for the future children’s education more/less important than buying a new car? How does each feel about debt?
Extended family input
Is one accustomed to discussing his/her finances and decisions with a parent(s)?