So you’ve just met the partner of your dreams and he/she has asked you to marry them? You’re over the moon but you’re aware that it’s not as simple as saying yes, having a big party and sticking a ring on your finger. A marriage is a legal binding between two individuals, recognized by the state and subject to certain laws and regulations. This means that when you get married, you not only commit to each other emotionally but also financially and legally. So what does that really mean for you? What are your rights and responsibilities as one half of this partnership? Let’s uncover some of the things you should consider before saying yes.
Finances
Let’s get the number one consideration out of the way as it’s one of the most important. The first step in evaluating your financial situation is to take stock of your current debts and expenses. It’s essential to know how much money you owe and how much you’re spending on bills every month. What kind of assets are you bringing to the table? It would be best if you also considered the future costs that come along with marriage, like buying a home or starting a family.
Making these calculations will give you an idea of whether your finances are stable enough for marriage. Another vital aspect to consider before saying “I do” is credit score. A low credit score can impact not only your ability to get approved for loans but also the interest rates you’ll be charged on them. Then it’s time to think about the other half of this union.
Is he/she financially stable? What’s the situation when it comes to their earning potential and credit history? What about assets? Maybe you already have a child/children together and you own a home? How will that work when it comes to paying for college? Are you prepared to get a HELOC (home equity line of credit) to handle the costs of tuition? What will this mean for you financially in terms of your responsibilities?
Does your partner owe any money? Is this likely to get in the way of you both being approved for a mortgage? No one likes to talk about money (especially during a marriage proposal), but you need to know the answers to all these questions before you get involved in something that may impact your future.
Living Together
Ok so you’ve known this person for quite some time (presumably) but have you lived together? We’re not talking about going on vacation and renting a charming cabin by the beach. We’re talking about long-term living where you get to experience the best and worst of one another. Do you know each other’s habit and routines? Is there something that really bothers you about your other half? Would this something make you very unhappy in the long-term?
Running a household is not easy and before you write your wedding vows both parties need to do their part to make things work. Is your partner lazy when it comes to housework? Does he/she respect you and give you space when you need it? Where will you live when you get married? Are you expected to move, or will you get a place together? These are all things to think about.
Family Life
Having children is taken as a given for many people when they get married but it’s not for everyone. More and more people are choosing not to have children as the stress and anxiety that comes with living in this fast-paced modern world can be overwhelming. Career dedication and lifestyle freedom comes out on top for more and more people these days so it’s important to talk to your partner about what they want in terms of family life.
Would you like to have children? If so, how many, and when would you like to start trying? Your partner might have very different views to you so have this conversation early and you’ll both know where you stand. Don’t be that couple that ignores this chat and ends up splitting up in later years because you never sat down and laid your cards out on the table. It might surprise you, but this happens all too often.
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