How important is financial compatibility with your spouse?

Sukanya KumarRetailLending.comMarriage season in India.... Grooms & brides and their families are busy shopping, finalising caterer, decorator, venue, booking tickets for honeymoon... But, did anybody counsel the couple on financial compatibility? Many will laugh at this idea, but this subject-matter is of a growing importance in our society. There are situations, where the bride may be working or even if she isn't working, and will be home-maker, high chances that she is well-educated and from a decently well-to-do background. Naturally, many questions will arise on how her spouse earns, saves or invests. Her future depends on the financial stability of her husband if she is going to be a housewife.If she is working, then she needs to understand how her financial goals are going to be merged with her partner going forward, and who will tune into whose plans. Not having been thought or discussed, this could become a major issue going forward in life.I am listing out some questions here, which are the basic minimum to be discussed by would be couple. The queries may be posed in a manner suited from person-to-person, but all of them are necessary.1. What kind of savings have you made so far and what is your plan with it?~One can understand the other person by having exchanged the answer to this simple question. A person well-planned, is going to be doing better in life than the one who hasn't given it a thought.2. What are the assets (car, home etc.) you have created or aspire to create in future?~It may be so that no assets have been created by the person yet. But planning a creation of some could be an excellent start together!3. Are you a person who takes high-risk while investing, or are you a medium to low-risk appetite person?~Investing in shares may not be your spouse's comfort zone. You may even find that equity fund is also a tough call for him/her and may be a debt fund will make things more comfortable. So, you need to know it. Just don't push him/her for something that the other person not comfortable with.4. What are your financial goals for the next 5, 10 and 20 years?~Most of the young couple in 20-s may have not given it a thought. But when it comes to long-term investment planning, marriage should be start of that thought-process. If you find that your fiancé/fiancée is not thinking in these lines, may be your question will pose to be a good start of that thought.5. Are you sufficiently covered with insurance?~There has been many cases where a married couple, even after 20-years of their marriage were found not knowing this! In case of any unforeseen eventualities, this piece of information becomes most important. So, don't hesitate to ask, as well as answer this one.6. Would you like to have a joint account or we will have our own individual bank accounts?~Some people like to keep their financial privacy. You can't be judgemental about that. If you are not comfortable with it, it might call for a discussion, but not asking this and realising it later, may cause a big drift. Gone are those times when our previous generation believed 'your money is my money'!7. Do you expect me to contribute to your financial planning or can I have my own?~Individual and independent investment plans are not very common in Indian couples. We generally discuss this matter, not only with spouse, but with parents, in-laws and even with boss in the workplace. If both spouse is working, it is natural that they will have their own circles who will advise them differently. Be clear on your investment pattern going forward as disruption in one's existing investments will not be taken well by the other person who is being made to change path.8. When you buy a property, do you want it to be purchased in your solo name or jointly?~Modern couples buy properties in their individual names. MNC banks, and in some cases, even experienced private NBFC-s do not insist on a co-applicant for home loan. Living in a home owned by your spouse in a common matter now, but if you think it's going to hurt your ego, better talk it out.9. How do you plan your tax savings? Do you plan it at all?~If your spouse is planning for tax-savings, a very big tick on the check-box for him/her. But don't worry if there has been no planning so far. You can start planning it jointly and may or may not invest in the same tool. Sometimes, you can have bigger tax-savings if you plan it correct and jointly.10. Do you have a professional financial adviser or you do it when your friends or colleagues tell you to invest in some tool?~Not many people in their 20-s have a financial adviser, in 30-s some do and in 40-s many. It depends on the kind of wealth creation one has done so far. No worries, if it has not been planned with professional help till now. May be your spouse is already 'experienced' in investing and you can take a few tips from him/her. It could be fun investing with your spouse's guideline. I hope the above points make sense to the modern couple who have a new outlook about money. It is always better to know, even if you do not like it that way, than getting shock afterwards. Get a blissful married life together with lots of financial happiness!