Money and Marriage
If you are thinking about getting married, there are so many things that you need to prepare yourself for. Money is one of them. It may not sound romantic, but couples need to have a serious talk about the state of their finances, before they walk down the aisle. This is something that is commonly over looked by many. But you can save yourself and your future spouse a lot of heartache by discussing your financial situations at the beginning of your marital journey. It will be necessary to share with your fiancé information about any outstanding debts that you may have, your philosophies about money, your financial goals and your views on spending. This is very important since conflicts about money are one of the main reasons couples get divorced.
Consider consulting a financial advisor and drafting up a pre-nuptial agreement. This legal document isn’t just for the wealthy and famous. They can help anyone who has money that they don’t want to lose during a nasty divorce. Many people don’t even consider this option since divorce isn’t exactly on a person’s mind when they are planning a wedding. A pre-nuptial agreement may not be for everyone. But there are situations where it can be practical. An example of this may be the person who is an heir to a large fortune, or someone who is a business owner. In these instances, it would be wise to put in writing how those assets would be handled if a divorce should take place. A pre-nuptial agreement can also protect children from losing their inheritance if one of their parents is getting married for the second time.
Don’t let the expense of your wedding get out of hand. The typical American wedding can cost more that $20,000. Some couples can easily afford this. Others cannot. Expensive weddings can cause a couple to begin their married life deeply in debt. This can put a major strain on a relationship. The first year of marriage can be challenging enough as couples adjust to their new life together. A new debt from a lavish wedding can only add to the burden. A wedding can be memorable without being expensive. The amount you spend on your wedding should comfortably fit into your budget.
Before you get married, it’s also a good idea to determine how you will mix your finances. Talk about what types of accounts you will have. Decide if you will have separate savings accounts and credit cards, or if you will do this jointly. Try not to have arguments about money. Respect your spouse’s views about finances and he or she will likely do the same for you.
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