Before you pop the question, make sure your financial doubts are answered

Q.What type of financial questions should one ask a romantic partner if they are planning to get married?

A.This is a fantastic question. Too often couples tend to rush into marriage without truly knowing their partner’s financial strategies and beliefs. People tend to think with their hearts and not their heads when they fall in love. After the romantic stage wears off, reality sets in, and it does come with a price tag. With money problems being the No. 1 reason couples divorce, doesn’t it make sense to make sure you and your partner are financially compatible?

So what type of financial information is important for you and your partner to know about each other? It’s important to know what their income is and where it comes from. How much do they bring home and how much do they spend? How much do they spend monthly and where do they choose to spend it?

What’s your partner’s credit score? How will you handle joint expenses? If she makes more should she pay more toward the mortgage? You need to talk about what assets you both have and where they are held.

It’s also important you understand what liabilities your partner may bring to the relationship. Do they owe money for college or on a car? Will you merge finances or keep assets separate? How much money is it OK for someone to spend without discussing it with a partner? Will you have a prenuptial agreement? Have either of you started saving for retirement? Will you pay for your children’s education?

It is equally important to know all about your partner’s debts, the types of loans they have and why they incurred the debt. Have they had a problem with excess spending? How comfortable are they with debt? Has anyone ever declared bankruptcy? What is the interest rate they pay on their debt?

In terms of building net worth, it is important to find out if you share the same vision.

What are your savings strategies? How much do you save toward long-term goals such as retirement? How do you save for short-term goals such as a vacation? Do you save first and spend for larger expenses, or the other way around?

Here are some key questions to explore with your partner:

•How many children do you want to have?

•How do you see us handling our financial expenses in the future?

•Do you think we should merge our savings and checking accounts or keep them separate?

•How should we handle paying our bills as a couple?

•Do you want to help our children with their college expenses?

•Is there anyone who is or will be financially dependent upon you now or in the future?

•How do you think we should handle making decisions on financial issues?

Finally, one of the best strategies I have seen couples use to make sure everyone understands the economic situation and cash flow is to take turns paying the bills. It really opens up eyes as to where the money is going.

If you can get through these financial inquiries, your relationship will be off to a lucrative start.