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Finances & The Fiancé: What Should You Really Know
10 Questions For Every Couple About To Tie The Knot

SCOTTSDALE, Ariz. (Sept. 19, 2006) – In the midst of wedding planning, reviewing honeymoon destinations and selecting china patterns, newly engaged couples can often feel overwhelmed with all the questions asked in preparation for their special day. But after that first big question is popped, what should couples really be asking each other to prepare for their walk down the isle?

Open and honest communication about all aspects of a future marriage, particularly finances, can be key to a happy and long life together, according to Alexander D. Nirenstein, co-founder and managing partner of Nirenstein Ruotolo Group (NRG Family Law). Discussing finances, such as previous and current debts, each partners’ saving and money management style and how finances might be merged following the marriage, may not be the most romantic way to spend the countdown to “I Do,” but can prove to be incredibly beneficial to a new marriage.

So what’s a couple to do? Nirenstein says when it comes to addressing the financial habits and goals of a future marriage, having both partners answer the following questions can help address the issue:

1. Is your spending style indulgent, conservative or well-balanced?
2. Will your income become “our” income?
3. Do you see finances set-up as yours, mine and ours?
4. Have you disclosed all debts, assets or rights?
5. In the future, do you plan to have a big savings account or lavish purchases?
6. Are you OK with who will be bringing home the bacon, or the majority of it?
7. How will bills and childcare be handled if you go back to school?
8. Who will foot the bill if mom or dad needs living assistance?
9. Should you explore a prenuptial agreement? Do you see spousal maintenance provisions being needed?
10. How financially well-informed are you?

Answering these questions openly and truthfully can greatly benefit a new marriage, according to Nirenstein, who reports that about 90 percent of married couples reporting that they argue over finances.  Additionally, Nirenstein says changes in today’s typical age of first marriages, correlating assets and financial history each partner is bringing with them have greatly fueled the need for couples to address the issue of finances in the engagement period.

“Because today’s couples tend to be older when they first marry than previous generations, financially speaking, they may not start out with the proverbial ‘clean slate’,” said Nirenstein. “This makes bringing up the issue of finances, being comfortable with career and education plans, income levels and spending styles even more crucial to today’s relationships.”

As Arizona’s largest family law firm practicing family law exclusively, NRG Family Law hosts the state’s only family law blog at www.azfamilylawblog.com. The firm is headquartered in Scottsdale, Ariz. with an office in Chandler/Tempe.

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