Sunday, March 31

Marriage And Money Matters

Wedding Day
Wedding Day (Photo credit: Fikra)
Before taking the plunge, it is good to get some solid and financial-based marriage advice. The engagement ring is only the first of many big expenses. When considering money management just before and after marriage, there are some basic questions that you may want to ask:

Is a prenuptial agreement necessary?

Legally speaking, your combined liabilities and assets will be split right down the middle because of marriage. Everything gets shared. Sometimes, it is very necessary to have a prenuptial agreement especially if the liabilities or assets of the married man or woman will greatly exceed that of his or her spouse. To make a decision that is right for the both of you, consult with a financial planner who is familiar with the marriage laws in your state.

Is opening a joint bank account a good idea?

Opening a joint bank account can make paying bills a lot simpler because all your money in essence will be merged together. This is true particularly when it comes to bills for things that you own or share as a married couple like insurance or a house. If you have some spending money to put into your own personal accounts, a good idea would be to budget them.

When it comes to an average wedding, how much does it cost?

Marriage preparation can be really hectic and stressful, depending on how fancy you want to get. Add the stress of trying to stick to a wedding budget, and you could be in for a rocky beginning. The average wedding cost is more than $15,000. You need to determine if this is something you can be comfortable with. Set a realistic budget taking into account your debts and your income.

What if my spouse loves to spend while I always save? How will we agree?

A good marriage is about finding balance; but most of all, it is about survival. This would mean being willing to negotiate and to compromise and being less selfish as well. You should get premarital counseling if you find yourself at odds about your spending habits. Couple counseling can open the lines of communication. The key to a successful financial and family planning is good communication and this is true in the long run.

For more info on weddings and marriage proposals, check this out.

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