Money talks, right? If you’ve been in a relationship with someone for a long time and are planning on moving towards a long term relationship or marriage you have probably already asked yourself “How do I talk to this person about finances?”. You’ve probably asked yourself that more than once, which is great because talking about money can be hard!

Conversations or relationship money talks about finances should be happening often in serious relationships. They are especially important when you and your significant other are talking about joining your future together in a marriage. When you get married, your spouse’s financial situation can really affect you. Knowing what you are about to get yourself into is of critical importance not only from a commitment prospective but from a legal prospective as well.

Here are a couple points that could be helpful to discuss with your significant other regarding finances:

Debts, Credit Score, Financial History, Bankruptcy

Generally speaking, it’s a pretty good rule to not bring any secrets into a marriage. This is especially true of secret debts or a less-than-great credit scores. When you’re married, a lot of your debt may become shared with your spouse, so it’s very important for them to know about it beforehand. This may seem taboo, but it is absolutely necessary to discuss with your partner. It’s vital for your significant other to understand your financial history especially if you have filed bankruptcy in the recent past.

Financial Plans and Expectations    

When you’re planning on spending the rest of your lives together, it will be good for you to have money talks about your plans for saving, retirement, paying off debt, and insurance. In the recent article 7 Money Talks For Couples Should Have if the they Are Serious the author gives great advice about how to start a conversation on finances.   Also tI would add that you should discuss the expectations as far as spending habits go, especially in the wake of debt or bankruptcy.  Making a plan together for emergency funds can also be very beneficial, you never know what life will throw at you, and it is smart to be prepared.

Those are just a few topics to act as relationship money talks starters for you and your partner. While it may seem daunting at first, having these conversations is of the utmost importance. Sometimes filing bankruptcy prior to tying the knot is a wise financial move.  If you have questions about debt and bankruptcy in relation to marriage, please give our office a call! 801-221-9911

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