How Expensive Is It To Get Married [article from Articleranks]

How Expensive Is It To Get Married

Changing your finances either for the better or for the worse is getting married.

If you're going to get married, the last thing that you want to think about is the potential for divorce. However, when it comes to personal finance, getting married is a major step that can have good - or disastrous - consequences, depending on how it is handled. Usually, divorces are very difficult for all parties involved. Therefore, you should try to make sure that you know exactly who will get what before you marry. If you do this, there is already a pre-existing agreement to fall back on, and the divorce proceedings can be finished as quickly as possible if you ever do go through a divorce.

You should sit down and go through all of your personal finances before you get married even though this does not need to be used as a determination of whether or not you should marry. What you need to do is try to determine how much money you currently have, compare the living expenses that you will have as a couple, and figure out what your combined income will be.

Another thing you should do when you have determined what you will have after you get married is think about what you and your future spouse will want to have later on. For instance, if you're planning on having children, this should be factored into your financial plans - since you need a lot of money in order to make sure that you will have enough to raise your child.

It's not necessary that you have a signed prenuptial agreement in most cases, though you might want to if you want to be completely safe. But when it comes to knowing what to expect if things don't work out, talking things over before you get married will be a lot of help and will give your finances some direction.

Other decisions that you should make include whether or not you will have a joint bank account. This will have to do with how well you trust and know your future spouse. Sharing a bank account may be traditional but even so, a lot of couples find it easier to keep separate bank accounts, or to have separate bank accounts and a smaller, shared account for home expenses.

An important thing you need to realize no matter what you decide is that getting married will have a major effect on your personal finances. Therefore, you should always make sure that you have a good idea of what will happen before you tie the knot.

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tags:Weddings,relationships,love,marriage