What Financial Information Should You Divulge to Your Spouse?

A marriage should be based on mutual trust, so honesty is the best policy when it comes to discussing financial information. If you’re planning on having a prenuptial agreement, you are required to disclose everything, including all assets and debts, in order for your agreement to be legally binding.

If there’s no prenup, you should still sit down and gain a thorough understanding about your partner’s financial situation. Discuss income, spending habits, how much debt you have, and your credit scores. When it comes to disclosing a large retirement fund or future inheritance, you are entitled to your privacy. However, the more you share, the more trust you will build regarding money matters. You’ll be able to form strategies for tackling debt together, as well as determine what approach you want to take when it comes to paying bills, saving for the future, and investing.

When deciding how much of your financial history to share with your spouse, remember that your marriage is not only an emotional union -- it is also a fiscal one. So keep the lines of communication open and approach the issue with honesty.