Financial matters are the leading cause of divorce today.

Follow these 11 Steps to Prevent Financial Marriage Meltdown

1) Share Your Current Financial Situation

This includes: savings, investment, all debt, retirement savings, real estate. An easy way to get an objective opinion is to share a credit report and a credit score with each other. Suggested Reading: Understanding Your Credit Worth.

You will soon be applying for things jointly- so this is important. Ask if your S.O. has ever filed bankruptcy. How much money do you currently make?

2) Estate Planning: Not Just For the Rich and Famous

Do you have a Life Insurance or other Insurance policies? Those will need updating and perhaps consolidation. What about a Will- do you each have one? Power of Attorney: Will you each have legal ability to make decisions on your future finances/investments?

3) How Was Money Handled in Your Past?

Was the topic taboo? Or was the family well aware of financial circumstances?

4) Will you sign a Pre-Nup?

5) What are your Financial Goals for the Future?

Do you want a certain amount of Money? Savings? Lifestyle? Is money or life balance more important? How much do you need to feel “settled” or that you have “made it”?

6) Spending Habits

How much do you spend on a monthly basis? Is that flexible? What is the percentage of your earnings you like to spend versus save? Will you tell each other about all expenses? Are there certain things you plan to spend on every year- like a summer vacation? or a trip to visit the relatives?

7) Bank Accounts: Separate or Joint?

Where does income from paychecks go? Will you each have an account for your “play money”? For instance, just how expensive is round of golf or that pretty blond hairdo? Maybe you will never know- probably for the better.

8) Children: Life’s Biggest Financial Decision

Will you have children? How many? Kids costs about 200K each – and that’s pre-college. Private or Public School? If Public, will you consider moving to a good school district if you don’t live in one? Childcare? Do you live near your parents? Are they onboard for childcare?  Will they have trusts? If so will they know about them?

9) Family Accountant

Who does the day-to-day accounting and bill paying?

10) Jobs

Will you both work forever? If one has a job offer to move, how do you weigh that? Will you contribute the same percentage into your 401K? If you have children- will one of you stay at home?

11) Home

Who will own it? Joint? Will you put it into a trust?

P.S. Here is a great article from the WSJ on the topic: Question to Ask after ‘I Will’ but Before ‘I Do’.