Spring and summer -- the wedding season is upon us. Before
walking down the aisle, take a minute to consider a serious matter.
Couples often enter into marriage without ever having had a
discussion about financial issues. As a result, they find themselves frequently
arguing about money. If you are planning a wedding, here are some steps you can
take to get your marriage off to a good financial start.
* Premarital financial discussions. You and your intended
might enjoy the same movies and the same kinds of food, but are you financially
compatible? Take some time to discuss your finances before you tie the knot. Talk
about your assets, your debts, your credit ratings, and your financial
attitudes, including your spending and saving habits. Do you share the same
goals, such as having children, buying a home, or continuing your education? How
will you finance your dreams?
* How will you handle your finances as a married couple? For
example, who will pay the bills? Will you maintain joint or separate checking
accounts? If you maintain separate accounts, how will you split your expenses?
* Premarital financial counseling. Every couple needs to
work out their own style for handling money. Call upon your accountant to
assist you in setting up a budget, controlling your taxes, and mapping out a
financial plan for your future.
* Premarital legal counseling. If you have substantial
assets, discuss the merits of a premarital agreement with your attorney. If
your partner has substantial debt, ask your attorney how you can protect
yourself from his or her creditors.
Perhaps you plan on buying a house together or combining
financial accounts. Your attorney can
advise you on the best way to hold title to your assets.
Discussing your finances before you say "I do" may
increase your chances for living happily ever after. Give us a call if you would like assistance
in this area.
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