You’ve discovered your ideal partner, and you’re contemplating the next phases of your relationship, but looming on the horizon is the topic of money. Do you need to file bankruptcy before getting married and aren’t sure how to broach this subject delicately? How can you determine if your financial aspirations align? What if they don’t? How can you openly discuss it and survive the conversation?
Start Early: Begin discussing finances as early as possible in your relationship. Waiting until you’re married to have these conversations can lead to misunderstandings and surprises.
Set a Comfortable Environment: Choose a quiet, non-confrontational setting for your discussions. Both partners should feel safe and free to express their thoughts and feelings.
Be Open and Honest: Honesty is key. Share your financial history, including debts, income, and assets. Transparency builds trust and helps you both understand the full financial picture.
Understand Each Other’s Money Personalities: We all have different relationships with money. Some are savers, while others are spenders. Recognize your partner’s money personality and discuss how it aligns with your own.
Clarify Your Financial Goals: Discuss your short-term and long-term financial goals. What are your priorities? Do you want to buy a house, travel, save for retirement, or start a family? Knowing your shared goals will help guide your financial decisions.
Create a Budget Together: Develop a joint budget that reflects your combined income, expenses, and savings goals. A budget can help prevent financial conflicts and ensure you’re both on the same page.
Divide Financial Responsibilities: Decide how you’ll handle financial responsibilities as a couple. Will you merge your finances completely, maintain separate accounts, or find a middle ground? Be clear about who will handle bill payments, budgeting, and investments.
Discuss Debts and Credit Scores: Share information about any outstanding debts, including student loans, credit card balances, or car loans. Understand each other’s credit scores and work together to improve them if necessary. Discuss whether or not filing bankruptcy before getting married would be beneficial or not.
Plan for Emergencies: Discuss your approach to financial emergencies. Create an emergency fund together and decide how you’ll handle unexpected expenses or income disruptions.
Seek Professional Advice: If you believe that outside help would be beneficial, consider discussing your concerns with your pastor, a trusted family member, or an attorney. Perhaps your partner’s issues with overwhelming debt can be addressed through legitimate credit counseling or bankruptcy. You won’t know until you explore potential solutions. Contact Moseman Law Office today to address your financial concerns, bankruptcy, or credit counseling needs.
