We’ve discussed the impact divorce can have on you and your finances. In this New York Times piece, Ron Lieber identifies four essential money talks to have before tying the knot. The topics of conversation are:
- ANCESTRY: One of the first things [Lisa J. B. Peterson] asks clients about is what she refers to as their financial ancestry. “It’s looking back at your own personal past,” she says. “How did your parents deal with money, how does that impact how you deal with it, and how might that impact the couple’s relationship?”
- CREDIT: While it’s about the least romantic subject imaginable, your credit history holds a chunk of your permanent financial record.
- CONTROL: Figuring out who will pay the bills each month may not seem to be an important conversation or assignment.
- AFFLUENCE: Here’s another question that tends not to come up during courtship: Just how rich do we want to be one day? Mr. Kuhlman refers to this more politely as the “desired level of affluence.” “Are our career paths going to be something that pulls us together? Or, more often, are they things that will tend to pull us apart, where we’ll really have to be proactive to make sure it’s under control?” he says.