Finances & Tying the Knot

Posted on: October 21st, 2013
If you are planning to get married soon, there are many different matters you should be considering.  Couples often invest a lot of time and money into planning their wedding, but they often are not as prepared for combining their financial lives.  When you get married, you are making a commitment to each other, including a financial commitment.  Below are several matters you should consider before your wedding day:
  • Timing.  If you are accustomed to having your own account, it may take time to organize your joint debt and get used to each other’s spending habits.  You may want to wait awhile before you combine your finances.
  • Organization.  It is important to designate which spouse will be responsible for paying certain bills, or have one spouse in charge of paying all the bills.
  • Communication.  It is essential that you are open and honest about your debt.  Also, if one spouse is not working, it is important to communicate clearly how the non-breadwinner partner will have control over some of the family money.
  • Credit Cards.  If you have individual credit cards prior to getting married, you should discuss whether you will keep these cards or change all credit accounts to be jointly held.  Many financial advisers recommend that each spouse maintain one individual credit card for their own financial autonomy.
  • Taxes.  You will want to meet with an accountant to determine whether you want to file your taxes jointly or separately.  In general, if you earn similar amounts of money, filing jointly will probably cost you more money. If one of you earns substantially more than the other, it could save you money.
  • Estate Planning.  As a married couple, it is important that you create an estate plan.  If something should happen to you, your new spouse will need the protection provided by an estate plan.
The more you plan ahead of time, the easier the first year of marriage will be for you!  To learn more, contact The Curran Law Firm today!
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