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.”
What about our children? If you’re thinking of becoming parents, and you haven’t broken up over the debt and credit score questions, this is a good one to ask. “Most couples address the ‘when’ and ‘how many’ when it comes to discussing children, but kids are expensive and talking about the financial impact should also be considered,” Criscuolo says. “Do both spouses want to pay for private schooling? Who will pay for college or grad school? Will one spouse stop working to take care of the kids?”
While we’re at it, what’s a fair allowance? And are we going to buy a TV for the kid’s bedroom the first time he asks? How much money will our daughter get when the Tooth Fairy visits? OK, it is possible to go into overkill. Still, these can be fun questions to get a sense of where your partner stands, and if you’re going into a marriage in which one or both of you already have kids, a lot of these questions are vital.