Wedding expenses, student loans, car payments, mortgage or even rent? Roses are red, violets are blue, which of these bills are apportioned to you? During your engagement you will begin to find out a lot about yourself and your future spouse when it comes to money.
How do you and your future spouse split the bills? Before answering that question there are several other factors that must be known:
(1) Who makes more? Will this have a bearing on how you decide how to split the money? As a wife of over 15 years, the person who makes more money now may not continue to always make more. It could change several times during your marriage. The key is to be plan accordingly.
(2) Who will manage the money? Will one person get all the money and be responsible for paying the bills without the other person being involved? Money is a tool that is used for furthering education, purchasing houses, retirement and even becoming a parent. Make sure both are involved in the finances.
(3) If you are co-habitating prior to marriage, what do you already have in place when it comes to money management? Also is the lease in the name of both or just in one person's name? Sometimes the person who pays the mortgage or rent may feel as if that is their only responsibility and the other one should take care of the lesser household expenditures such as utilities, HOAs and/or groceries.
(4) Do you not split at all and keep things separate? Brides and Grooms, how you handle or answer this question should be based upon your relationship with your future spouse, both people's financial picture and what it is you want to see happen when it comes to your money and marriage.
All marriages and households are different. Take this time during your engagement to genuinely get to know who you future spouse is on a deeper level… likes and dislikes, what makes them stressful, happy or sad. Making an informed decision is always the best step.
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