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Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Tuesday, June 10, 2014

Skeletons in the Closet? Know Your Future Spouse's Financial History

Marriage

June is a popular month for weddings and engagements, but before walking down the isle, it is important to be aware of your loved ones money habits.  In a new book by Terry Savage, Gemma Allen, and Michele Lowrance entitled, The New Love Deal, there are a few key questions to ask your future spouse:

  1. Is your partner a spender or a saver?  “It’s time to figure out just who you are when it comes to money decisions and who your partner is.  Are you a saver or spender?  Extreme or moderate? . . . What you did you learn about money from your parents and how does this impact your feelings about money and marriage?”
  2. How much risk do you both want to take?  “What is the most difficult type of risk for you to take—financial or emotional?”  Talk with your partner about where you both are now.
  3. Dig deep on money issues.  Check your credit history, review your assets and talk about estate planning.  “Share your past financial life.  Remember your partner’s credit history will easily become part of your own report as you start a life together.  Be prepared.”

See John Wasik, What To Do Before You Say ‘I Do', Forbes, June 9, 2014.

http://lawprofessors.typepad.com/trusts_estates_prof/2014/06/skeletons-in-the-closet-know-your-future-spouses-financial-history.html

Estate Planning - Generally, Income Tax, Non-Probate Assets | Permalink

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