6 important money questions to ask before saying "I do" - WRCBtv.com | Chattanooga News, Weather & Sports

By Andrew Housser

About 4 million people will get engaged this Valentine's Day. If you are planning to pop the question -- or think you might be on the receiving end -- it is not too soon to start thinking about your happily ever after. It is easy to get swept up in the fun of planning a wedding. But before that happens, you need to have a heart-to-heart about finances. The two of you can start by asking -- and answering -- these questions.

1. How much debt do you have?

Both people need to be upfront about the amount of debt they will bring into the union. If your partner's debt load seems high, find out why. Is she still paying off student loans? Does he have a tendency to rack up credit card charges? The answers to these questions are very important to your future financial well-being. Equally important are the steps to pay down this debt. Discuss whether you will each continue to be responsible for paying off your individual debt or if you will share that responsibility once married. Now is also the time to find out each other's credit scores. This number -- which debt impacts significantly -- will greatly affect your joint ability to buy a home or even rent a place. If one of you has poor credit, do some reading to learn how to improve the situation. It may even be beneficial to talk to a financial planner.

2. What are your attitudes toward money?

The way you were raised can greatly affect your savings and spending habits as adults. If you and your beloved are on totally different pages -- one of you is thrifty, the other is a shopaholic -- now is the time to sort out how you will handle these differences. You might want to open a joint account to pay shared expenses like rent, mortgage or utilities, and keep separate accounts for personal use. Even with that type of system, it is critical to talk through your attitudes and find common ground and understanding.

3. How will you address financial problems?

Close to 80 percent of people report, when surveyed, that they have lied to their spouse about spending money. This is not healthy for any marriage. Agree now to not be one of those couples and set some ground rules that will make talking about money easy for you both. It's important to build solid habits, such as creating and using a simple budget, and reviewing your finances together on a monthly basis.

4. How will you manage household responsibilities?

Tasks like budgeting and paying bills take time and require a level of responsibility. Decide now who will shoulder this burden.

5. What are your plans for the future?

Discuss the type of lifestyle you both envision. What sort of home do you hope to own? How often do you want to go on vacation and to what destinations? What amount do you need to earn in order to live a comfortable lifestyle? If you plan to have children, and have visions of one parent staying home to raise the children, can you afford to live on one income? What changes will you need to make in order to make this happen? Coming together on some things will require adjusting of expectations. Set goals together and then build your budget around those goals. 

6. Do you need a prenuptial agreement?

No one expects the walk down the aisle to lead to divorce court. Yet  around 50 percent of all marriages end in divorce. Prenuptial agreements can offer some protection if you are entering a marriage with a sizeable inheritance (either money or property), own a business or are part of a family business, or have a trust fund. One benefit of prenuptial agreements is that it legally requires both parties to disclose their assets and financial standing. Prenups can be helpful, and are not just for celebrities or the extremely wealthy. Make sure to discuss with a qualified attorney in your state.

Debt need not be a deal-breaker (remember "for richer or for poorer"). But understanding you and your partner's financial situation, and how you handle debt, before marriage can play a big part in a successful union. Because your finances greatly influence your future it is important to have frank money talks before tying the knot.

Andrew Housser is a co-founder and CEO of Bills.com, a free one-stop online portal where consumers can educate themselves about personal finance issues and compare financial products and services. He also is co-CEO of Freedom Financial Network, LLC providing comprehensive consumer credit advocacy and debt relief services. Housser holds a Master of Business Administration degree from Stanford University and Bachelor of Arts degree from Dartmouth College.