Marriage

4 Financial Planning Considerations Before Getting Married

4 Financial Planning Considerations Before Getting Married

Congratulations, on your upcoming marriage! Along with making wedding plans, there are many considerations to discuss with your soon-to-be spouse; one of the most important is financial planning. In fact, a 2016 study found that 31% of married participants reported arguing over finances at least once a month. The most common points of disagreement: major purchases, decisions about finance and children, a partner’s spending habits, and important investment decisions. Before you walk down the aisle, have an open and honest conversation with your spouse about your joint finances.

Sharing Financial Responsibility in Marriage

In households where one spouse shoulders all of the financial responsibility, that spouse is typically the husband. It is also common for wives to handle bill paying and shopping while husbands manage the big picture planning, such as retirement accounts, insurance and tax planning. On the other hand, there are a lot of women who are increasingly taking the financial responsibility for the household onto their own shoulders. Of course, you should do what works for your marriage and split responsibilities accordingly, but it’s also important that both you and your spouse are financially literate and aware of family finances, even if you don’t personally sign off on the mortgage payment each month.

Marrying Bank Accounts

A newly married couple has three options when it comes to deciding how to handle their bank accounts: They can choose to combine everything into joint bank accounts, keep everything separate, or do a combination of the two, perhaps keeping one joint account for regular shared expenses and two individual accounts for personal expenses. There are pros and cons to each of these options. It’s up to the couple to decide which option works best for their individual needs.

4 Financial Questions for Engaged Couples

A good marriage relies strongly on good communication. Yet so many couples neglect discussing their finances with each other, either because it’s an emotional subject or because they just don’t know what financial topics they should be talking about. Since money squabbles are at the heart of many divorces, it’s important to sync up your financial goals and philosophies in order to start off your marriage on the right foot. Here are four conversations you and your fiancé should have prior to tying the knot:

Estate Planning for Newlyweds

A good marriage relies strongly on good communication. Yet so many couples neglect discussing their finances with each other, either because it’s an emotional subject or because they just don’t know what financial topics they should be talking about. Since money squabbles are at the heart of many divorces, it’s important to sync up your financial goals and philosophies in order to start off your marriage on the right foot. Here are four conversations you and your fiancé should have prior to tying the knot: