Money And Marriage 101

Money And Marriage 101

It is​ good to​ get some solid financial-based marriage advice before taking the​ plunge. 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:

Q. is​ a​ prenuptial agreement necessary?
A. Legally speaking,​ marriage splits your combined assets and liabilities right down the​ middle. Everything gets shared. Therefore,​ a​ prenuptial agreement is​ sometimes very necessary,​ particularly when a​ married man or​ woman has assets or​ liabilities that 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.

Q. What about opening a​ joint bank account?
A. Since all your money will in​ essence be merged together,​ opening a​ joint bank account can make paying bills much simpler. This is​ particularly true of​ bills for things that you own and share as​ a​ married couple,​ such as​ a​ house or​ insurance. However,​ it​ is​ also a​ good idea to​ budget some spending money to​ put into your own personal accounts.

Q. What is​ the​ average wedding cost?
A. 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. This may be comfortable for you,​ or​ maybe not. Set a​ realistic budget taking into account your debts and your income.

Q. My spouse is​ a​ spender and I’m a​ saver. Will we​ ever agree?
A. a​ good marriage is​ about finding balance; but most of​ all,​ it​ is​ about survival. That means being less selfish,​ being willing to​ negotiate and to​ compromise. if​ you find yourself at​ odds about your spending habits,​ get premarital counseling. Couple counseling can open the​ lines of​ communication. in​ the​ long-run,​ good communication is​ the​ key to​ successful financial and family planning.

Money And Marriage 101

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