A Prenuptial Checklist for Financial Bliss

Marriage is one of life's biggest events, shaping your future and reshaping your finances. That's because, once you're married, your life's goals are no longer just "your own." Here's a checklist of money questions you and your beloved should ponder before you take that walk down the aisle.

Discussing goals and outlook

Both you and your spouse-to-be will bring a variety of ideas and attitudes about money to your marriage. The earlier you discuss your thoughts together, the less likely that money will be a source of stress in your relationship. Remember, you don't need to settle every question right away. Nor do you need to agree on everything. Rather, you just want to understand how the other approaches financial matters so you can find a middle path that lets both of you feel comfortable.

The good news is that by having a conversation early, you will grow closer together. And while most couples find that the process of setting financial goals can be challenging, it can also help reduce tensions over money. Sharing goals and dreams is a necessary first step toward figuring out exactly what it is you want as a couple.

Immediate issues

Here are some questions you should address as quickly as possible to avoid unpleasant surprises. In addition to providing a financial snapshot of each other, the answers will help you understand how the other thinks about money.

• Will you maintain separate checking and savings accounts or combine accounts?
• Who will be responsible for paying the monthly bills?
• How much do you owe and what are the terms and payments?
• What is your income from all sources?
• What savings do you have?
• Do you use a budget to track income and expenses?
• What major assets, such as a house or car, do you own?
• How much life insurance do you have?
• How much of your income do you currently save?
• What are your top five expenses each month?
• Have you ever filed for bankruptcy?
• How much do you expect to spend on hobbies, travel and other personal expenses?

Intermediate-term issues

These questions address how each of you sees your financial future together:

• When do you want to have children?
• Do you want to purchase a house — and when?
• Other than a house, what major purchases do you anticipate wanting to make within the next few years?
• Are you planning to change jobs or enter a new career?
• Would you like to return to school or update your skills?
• Where do you think you'd like to live?

Long-term issues

Some financial issues play out over a lifetime, but it's always best to start thinking about them early:

• What are your long-term financial goals?
• What types of investments are you most comfortable with?
• How much help do you want to provide for your kids' higher education?
• What thought have you given to retirement planning?
• At what age would you like to retire?
• Do you feel that long-term care insurance is a good thing?

Take the next step...

Make plans for two. Before you forget, update your beneficiary information on all investment accounts, insurance policies and other financial assets.