What you need to know about marriage and money

What you need to know about marriage and money

What you need to know about marriage and money

Getting married changes your life and your financial responsibilities as well. Being married is not all about living together, it goes a long way to change your legal and tax status meanwhile your financial income may still be the same. We cant deny the fact that issues may arise as a result of what your significant other brings to the table, so it is always wise to sit down with your spouse to be and discuss these financial planning whether your getting married for the first time or after a divorce. These financial planning may not be the most premarital discussion but it will go a long way in saving your marriage risk of possible divorce in future. Whatever you and your spouse decide on will not only have financial implications but legal and emotional implications as well.

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Before walking down the isle, it is very necessary to know your spouse full financial circumstances because marriage is not just an emotional decision but also a financial and legal decision. Nobody cares of how in love you both! you must fully understand the responsibility and risk of binding yourself to another person so disclosing all assets, liabilities should not be an issue. It is advices that you two should obtain a credit report and review each others balance sheet together discussing any issue of concerns.

Once you are aware of your spouse financial dealing, then you will be able to handle your finances in marriage. In a case where one partner earns have more assets than the other, a prenuptial agreement is recommended. This prenuptial agreement helps to protect premarital assets and establish responsibility for debts acquired before marriage if any and also pre arrange for spouse support in case of a divorce. Premarital debts does no automatically becomes your partner’s after marriage, therefore it is wise to pay individual debts or in situations where both partners have premarital debts, they should make plans for paying it off as debts can still affect you after marriage as much as it affects your joint finances.

Couples should come up with a plan of improving their significant other credit status in cases of joint account, joint car loans and joint mortgage loans where one partner has a poor credit. Some of these plans include co-borrowing, using your both assets to qualify for an automobile loan application.

Before walking down the isle is the perfect time to think about your answers to questions like:

  1. What takes the first place in your life and how you intend to achieve them
  2.  Will there be need for part time job in other to take care of the home
  3. Do you have any liability, like aged parents depending on u, etc.

Financing your wedding. In some part of the world the father of the bride pays for the wedding, sometines niether of both couples or families pay for the wedding. But in situation where the couples are the ones paying, they should go for a budget with the amount of money they have saved up and maintain a wedding budget they can afford. No doubt sticking to your wedding budget can be quit harder than it sounds but you can get crafty and make your own centerpieces instead of spending unnecessary.

Engagement decision. Making plans for your engagement starting from how much to spend on engagement ring in other not to go above your budgets but in situations where you can afford a more pricier ring then have an insurance to replace it in case it gets stolen or lost.

Deciding financial responsibility. This aspect is very important after marriage as it helps you both to share financial responsibility.

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