Marriage is a joyous occasion that binds two people together for better or for worse. However, other factors come in play as well, such as the combination of assets.

Even though money can be a sensitive topic to talk about, it is important for you to get your financials ironed out with your partner before you step into the next chapter of your life together.

The main financial issues you could talk about with your partner include financial goals and challenges, spending habits, the presence of any remaining debts and whether a joint account would work for your relationship.

By doing so, you are understanding more about your partner, and preventing yourself from letting money potentially jeopardize your relationship.

1. Financial Goals and Challenges

Everyone has their own financial goals and aspirations. It is important for both parties to voice out their goals and what they want to achieve financially, as well as how you want to finance it.

Perhaps you want to own a condominium flat before you are 35 but your partner doesn’t see the reason behind doing so. Discussing with your partner about why and how you plan to finance the condominium can help you to reach a compromise with each other and prevent arguments in the future.

This can help to make sure that both parties are on the same page and you can both work towards fulfilling each other’s financial goals and dreams.

2. Financial Habits

Are there any financial habits of your partner’s that you think may affect you or his/her own financial goals?

Does your partner shop impulsively, spending a large amount of money at one go, or does your partner have the tendency to invest their money frequently? What is your partner’s view towards investing your money?

Understanding your partner’s spending habits as well as their concept of money and investment can help you to relook at your financial goals together. This is especially important if you are planning to start a family together. If you are going to have kids, you’ll need to have enough saved up for their living expenses and education.

Hence an important question to answer is: can these habits allow you to achieve your desired saving and financial goals?

3. Debts

Perhaps your partner still has student debt left, or they have housing loans that they must repay. Discussing tactfully about the amount of debt your partner has and how they are planning to repay can give you a good idea of their spending habits and their view of being in debt.

This doesn’t mean that you shouldn’t marry them just because they are in debt. But rather, knowing whether your partner has any financial responsibility can help you plan and budget better for your wedding, and other big-ticket items you will inevitably purchase together as a couple.

4. Joint Account

Many couples may consider getting a joint account after marriage for ease of money management, especially since most items bought will be used between the two of you. Crediting two salaries into a savings account can also help you to hit a higher income bracket faster and you can enjoy higher interest rates on your savings.

Yet, this idea may not sound good to some, especially those who value their privacy. Sharing a joint account means your partner is in the know of every transaction you make with your card.

But this may not be a bad thing. Knowing that someone is in check of your finances could perhaps curb some of the impulse spending habits that you may have.

You don’t have to put all your money into the joint account. Perhaps consider the percentage of your income that should go into the account, talk it out with your partner and reach a compromise with each other.

Finances don’t have to be the source of stress in your relationship. Simply by communicating and openly discussing about financial issues can prevent future arguments and allow both parties to work towards their dream life together.

Disclaimer: This article is for general information only and does not take into account the specific investment objectives, financial situation or needs of any particular person. The views expressed herein do not necessarily reflect the views of AXA Insurance Pte Ltd and should not be construed as the provision of advice or making of any recommendation. There is no intention to distribute, or offer to sell, or solicit any offer to purchase any product. We recommend that you seek the advice of a qualified financial advisory professional before making any decision to purchase an insurance or investment product. Whilst we have taken reasonable care to ensure that all information provided was obtained from reliable sources and correct at time of publishing, information may become outdated and opinions may change. We are not liable for any loss that may result from the access or use of the information herein provided.