Marriage should be about fun, friendship and love. That is what initially brings people together, but money is another major factor that can bring a couple together or drive them apart. Enjoy your marriage but you should also remain realistic. Here are a few tips to plan for your financial future before the wedding.
The money talk is uncomfortable for everyone; you aren’t alone. However, it is important nonetheless. You and your spouse should discuss your personal financial situations. Confer regarding credit and student loans, outstanding personal and car loans. In a marriage, you need to be on the same page regarding financial decisions and philosophy.
Keep in mind that it is entirely permissible to maintain separate bank accounts, which is an easy way to ensure that you do not step on each other’s toes for personal purchases. Consider opening joint credit cards for mutual purchases; it is a good way to share the burden of household expenses.
Discuss the possibility of a prenuptial agreement. Prenuptial agreements are an easy way to settle marriage issues like assigning financial responsibility for debts and other matters. The prenuptial agreement need not discuss all matters; it can be tailored to address a handful of questions.
Explore your philosophies on investments. More likely than not, you will not agree on the level of risk you should incur. You don’t want to turn an investment of Ford stock into a major fight. Agree on some ground rules to ensure efficient and open communication.
If you are considering a divorce, then you may want to speak to an attorney. There is a multitude of issues to consider, including financial problems. A lawyer can guide you through the process as you prepare your life for this significant change. Don’t try to handle everything yourself, the last thing you want to do is miss something critical and take a hit to your credit score or receive an unfavorable ruling.
Source: U.S. News, “5 Smart Investment Moves to Make Before Marriage,” Dawn Reiss, July 27, 2016
