Your Money Matters: Finance discussion tips for newly engaged couples

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

Kathy Roeser

Kathy’s Tips:

Things to Consider

Assets –
Comingle or keep separate
Investment  decisions as a joint effort

Bills –
In a 2-income relationship, define who’s responsible for what?
Budget:  are either of you used to “living” on a budget

Debts/Liabilities/Obligations –
How much (for what)
Are there obligations to a former spouse or children

Credit history and scores

Asset Protection/Insurance
Who is beneficiary
Is it adequate, especially if children exist or are planned

Retirement assets
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.

Priorities –
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)?

Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.