Phil's Personal Finance Tip of the Day:
5 Money Questions to Ask Before You Marry
By Geoff Williams | U.S.News & World Report LP
If you're planning to ask your special someone to walk down the aisle and to the ends of earth with you, just about every financial expert and a lot of long-time married couples will tell you first: Talk about money before marrying.
You may think you're a perfect match, but one of the biggest compatibility tests for couples is merging finances. And, sure, it may feel like talking about money will kill your romance, but - and not to sound like your mother - is it really that special of a relationship if discussing credit cards and spending habits could actually kill it?
So somewhere between proposing and saying, "I do," here are some key questions you and your significant other should be asking each other.
How much debt do you have? Definitely a romance buzz-killer, but you're going to be marrying this person and sharing their life. You should ask this question, and if you have a lot of debt, you should absolutely volunteer this information.
[Read: The Biggest Money Mistake Couples Make.]
"In an age where student loans over $100,000 are not uncommon, the debt discussion is crucial. Entering a marriage with hidden debt can be a disaster and starts a marriage off with a lot of mistrust," says Anthony Criscuolo, a certified financial planner with Palisades Hudson Financial Group in Fort Lauderdale, Fla.
What's your credit score? Yes, the questions just get more fun. Still, you should ask this one, says Jon Ulin, managing principal at Ulin & Co. Wealth Management, a branch of LPL Financial in Boca Raton, Fla. And if things look really bleak and you believe your future spouse has a money problem, consider asking your beloved to get some financial counseling, Ulin suggests.
"If you feel that your future spouse will never become fiscally responsible and may end up crashing your own credit score, savings and retirement plans, you may want to put off getting married to this person," Ulin says. "I'm not saying that money is more important than love, but more often than not, how couples deal with money can lead to arguments and divorce if not handled effectively. When preparing to get married, you shouldn't assume or overlook anything."
To read the entire article from Geoff Williams | U.S.News & World Report LP: http://news.yahoo.com/5-money-questions-ask-marry-161601395.html
Life may not be the party we hoped for, but while we’re here we should dance. -Anonymous
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