Don't say "I do" until you've said a lot more to your spouse about finances. Here's a helpful guideline.
Wedding season is upon us. Did you know 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:
- Determine your financial compatibility. Take some time to discuss your finances before you tie the knot. Talk about your assets, debts, credit ratings and your financial attitudes, including your spending and saving habits. Do you share the same goals? Talk it out and see where you two align and where you differ.
- Make a plan for how to handle finances after you say "I do." This means figuring out day-to-day stuff, like who will pay the bills and whether or not you'll maintain joint or separate checking accounts.
- Involve your financial advisors. Every couple needs to work out their own style for handling money. Call us to assist you in setting up a budget, controlling your taxes and mapping out a financial plan for your future.
- Discuss any related legal matters. If you have substantial assets, talk about the merits of a prenuptual agreement with your attorney. And ask your attorney how you can protect yourself from his or her creditors if your partner has substantial debt. 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 wed may increase your chances for living happily ever after. Give us a call if you would like assistance in this area.
As always, feel free to pass this Tip along to friends, and reach out if you need help with your personal tax and finance situation.
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