Marriage And Money Matters
Getting some solid, financial-based marriage advice is a good idea before you take the plunge. The first of many big expenses would be the engagement ring. There are some basic questions that you may want to ask when you're considering money management just before and after marriage:
Is it necessary to have a prenuptial agreement?
Legally speaking, marriage splits your combined assets and liabilities right down the middle. Everything gets shared. In some cases, the married man or woman has assets or liabilities that will greatly exceed that of his or her spouse which is why having a prenuptial agreement is necessary sometimes. 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?
In essence, all your money will be merged together so paying bills will become simpler if you open a joint bank account. When it comes to bills for things that you share and own as a married couple such as insurance or a house, then this is particularly true. Another good idea would be to budget some spending money which you can put into your own personal accounts.
How much is the average wedding cost?
Depending on how fancy you want to get, marriage preparation can be really hectic and stressful. 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. Take into account your debts and your income and set a realistic budget.
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. 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. If you want to open the lines of communication, then give couple counseling a try. In the long-run, good communication is the key to successful financial and family planning.
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tags:Weddings,relationships,love,marriage
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