Did you know that eight in ten American households have some kind of debt? The most common ones are, of course, credit card debts and student loans. So, you should divulge every detail of your finances to your better half before tying the knot. The foundation of marriage is built on mutual trust, love, and respect. If you are not open with your debts and finances with your partner from the beginning, your relationship might suffer in the long run. Money-related issues should be handled very carefully in every situation as they are the ones that hurt the most. Here are some ways to talk about personal debts before exchanging vows.

Be Honest

However clichèd it might sound, there is no alternative to honesty. The truth hurts in the beginning but once the situation clears, the other party understands that you are not lying at least, and that helps in building trust — so lay it out all in the open. Experts believe that sharing your credit reports with each other will also give you both a clear perspective of your present individual financial standing. It is just to inform the other person about your debts, negative marks, and any other problem you may have financially. At this point, you are not talking about how you can eliminate your debt or start budgeting. You should both realize that you are doing it now so that it doesn't get in the way of your relationship later.

Set Some Specific Financial Goals

Keeping in mind that after getting married, you would have to run a household together and set your financial goals. Make sure to keep your personal debts in mind and find out means on how to eliminate these fast. It is also the time to discuss if you are going to take care of the debt all by yourself or share it. Whatever the decision, accept it and plan your goals accordingly. Whether you plan to buy a house in a few years, start a family, or get a new car, this is when you talk about it all and have your goals ready. Of course, things always do not work out the way we want it to; hence, have a plan B ready. Also, do start saving despite all your expenses. Every single penny matters.

Keep Talking About Finances Even When Things Are Stable

Make sure that you are conversing on your finances every week and continue doing so even after marriage. If you have paid off your debt, that's great, but never stop talking about how you can live even better by taking control of your money. About 10 to 15 minutes each week should be kept aside for the money talk. If you start conversing before marriage, it will be a lot easier.

So, start the money talk today if you haven't already and reap the benefits later. Remember, believing in each other and respecting each other's wishes is more important than any material gains. When you have that, talking about anything under the sun will come easily, too. You can thank us later!