If you’re a newlywed or planning to get married, the wedding ceremony and honeymoon expenses aren’t the only money discussions you should be having with your significant other. Money problems are one of the leading causes of divorce so, it’s essential to have a conversation about your account structure, spending and saving habits, and your credit score early on. Here we break down some things to consider in each of these areas:

Account Structure

Start the conversation about whether to combine your accounts, keep them separate, or create a mix. Consider the dynamic of your relationship, maybe you work, but your significant other doesn’t or vice versa – you’ll want to be comfortable sharing account information and expenses to avoid problems in the future or possible resentment.

Align Spending and Saving Habits

One of the more difficult discussions to have with your partner is considering your current spending and saving habits. After covering basic financial needs, you may have different ideas about how to spend disposable income. It’s important to ask each other questions like:

  • Does the “breadwinner” get to spend more?
  • Should we spend money from the joint bank account or does it vary depending on the expense?
  • Do we have to ask each other permission before making a purchase or is there a specific dollar amount that requires a discussion?

Credit History

When you get married, you’re not only saying “I do” to the person, but you’re saying “I do” to their credit score too. Credit history is a crucial conversation to have because credit scores impact your ability to get a mortgage, buy a car or get approved for a loan.


Contact a Cole Harrison agent if you have questions about selecting your significant other as a beneficiary on your life insurance.

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