Money issues are among the top problems in marriages, and it’s easy to see why.  It’s tough to get two people to agree on pizza toppings, let alone the best way to spend money.  And for some people, marriage and money is a sensitive subject.  However uncomfortable, though, it’s necessary to keep money issues out in the open, not just to avoid fights, but to be prepared for the future.

Let’s get the negative side out of the way.  Be open about your credit score and current debt before entering the marriage.  Many couples have divorced after discovering their spouse had unmanageable debt, or been denied a home loan because one spouse didn’t tell the other about their bad credit until the moment they were denied.  Lies in a marriage are always a bad idea, but lies about money (especially by omission) can be disastrous to both your financial future and your marital union.

Were you to divorce, the only way you could be held responsible for your spouse’s bad debt is if it’s tied to a joint account.  Even if a judge rules that your ex must pay off the debt, the creditors are not bound by that ruling-they can still come after you.

On a more positive note, when it comes to marriage and money, marry you want to be prepared for your future together.  You should know about any pensions, 401(k) accounts, Social Security benefits, IRAs, investments, etc.  Keep record of wills and trusts, and make sure you understand how your spouse’s health and life insurance policies operate when the time comes for you to use them.  You don’t want to be stuck because of a technicality or small loophole you didn’t know about.

You also want to make sure you have power of attorney for each other when it comes to marriage and money, in the event that one of you must be declared unfit to make decisions about your health or finances.

If your spouse owns a business, you want to know all about the loan-terms, amount, current status, etc.  If the business isn’t profitable enough to pay back the loan, you personal assets may be on the line.

Talk about your financial dreams as well.  Where do you envision yourself in five or ten years?

• Does one or both of you want to start a business?
• Be self-employed?
• Go back to school?
• Buy a bigger house or take a month-long vacation to travel Europe?

Whatever your goals are, talk about them together so you can plan together.  You don’t want the spender to constantly use up the savings, but you also don’t want the saver to prevent any of the goals from being reached by refusing to spend.  If your goals differ, figure out a plan that will allow you both to be happy and financially successful.

Have talks on a regular basis about your marriage and money.  Any untruths can be harmful, but lying about the cost of a new pair of shoes or a car stereo system is different than lying about enormous credit card debt health coverage.  Of course the small lies can have negative side effects, but leaving larger issues hidden can have severe side effects.

If money talks generally lead to arguments regardless of the topic, consider involving a professional consultant.  Not tackling the little issues now will lead to larger issues later that could put you deep in debt, break up your marriage, or both.