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Getting married? Here are the top 3 financial questions to ask your partner

Posted at 6:20 AM, May 01, 2019
and last updated 2019-05-01 10:08:09-04

(WXYZ) — In many cases, financial worries are the leading cause of marriages falling apart.

So 7 Action News sat down with Andy Hill, host of national podcast, "Marriage, Kids and Money," to find out how to help new families avoid that outcome.

He says it all boils down to asking your partner the right questions up front. A good first question to ask is how much debt your partner has.

With lots of people harboring student loan and credit card debt, it’s not exactly something to hold against your significant other. That said, Hill says you want to know what you’re getting into because if you’re gonna say yes to being married, it’s going to become your debt.

Another question to get answered is whether your partner wants kids. It’s not just a lifestyle question. It’s also a financial undertaking that could really add up, if you're forced to consider IVF or adoption.

And he says, ask about your partner’s ideal situation for living. Understand what your partner envisions and make a reasonable plan, that way you don’t end up in a home you can’t afford.

"You could be drowning in a mortgage and that could really cause some stress in your marriage," said Hill.

But the conversation doesn’t end once you get married. Something he says works with his own wife is doing a monthly financial check in.

Pull out the receipts, double check there are no erroneous banking charges on your credit card statement, but most importantly talk about your anticipated expenses. Talk about what you may need to spend that upcoming weekend or for an upcoming event (i.e wedding, birthday party).

In addition to having regular conversation, there are a whole host of apps and tools out there that can help manage your budget. Experts have recommended tools like Mint, EveryDollar, PocketSmith and MoneyDance.