Today’s Wall Street Journal has a special Journal Report on Love & Money. The cover story is “Nine questions partners should ask each other before getting married”. If you can still get a copy of the Journal, and you’re getting married this year, definitely check this article out. If you have a subscription to the online version, you can find the full article at http://online.wsj.com/article/SB114288450388303200.html?mod=OHP2MP. Some of the questions (and reasons to ask them) include:
2. How do you use debt?
Once you know how much debt your partner-to-be has, take the next step and find out what type of debt. There's a big difference between $30,000 in school loans and $30,000 of credit-card debt.
So ask each other: Do you amass debt in the present, figuring you'll earn more money later in life and can pay it off then? Do you abhor debt and refuse to own a credit card? Either approach could cause marital strife if your partner isn't on the same page.
4. Do we need a prenup?
This is, potentially, the most explosive question. The very utterance of "prenuptial agreement" can send one partner into paroxysms of fury, since a prenup often implies mistrust or a lack of faith in the relationship's survival.
Of course, there could be a situation where one partner legitimately wants to shelter certain assets for a special-needs sibling, or maybe kids from a previous marriage. In many cases, a spouse who expects to give up a career would do well to have a prenup; in case of a divorce, it could help him or her recoup the retirement nest egg that would have accumulated in a company 401(k) plan.
5. What are your financial aspirations?
This is the fun talk.
This is about your individual and combined hopes and dreams: the college you want your kids to attend; the lake house you want to buy; the trips you want to take; the classic Corvette you want to restore. Saving enough to retire early to open a bistro or flower shop or to do pro bono work for a nonprofit.
You may never attain all your dreams, and that's fine. This conversation, instead, aims to help you articulate your priorities and talk about how you'll ultimately fund those priorities together. This shows where common ground already exists, and where you need to start looking for it.
As part of the online version, there is a free podcast publicly available: “Jeff Opdyke discusses what happens when one spouse in a married couple earns more than the other and the stress it can cause”. Listen at http://podcast.mktw.net/wsj/audio/20060324/pod-wsjopdyke/pod-wsjopdyke.mp3 (this podcast may be available for a limited time).
Money is perhaps the most difficult topic to discuss when in a relationship, but money strife is one of the leading causes of divorce. Discussing money is tough to do, but doing so could help build a stronger foundation for your relationship.