When we think of marriage, most of us like to be romantic
about it. Marriage brings images of engagement rings and
a big white triple-layer cake. Nobody wants to talk about
money management, prenuptials and other financial matters.
However, statistics show that the top reason for divorce
is disagreeing about money. Don’t get carried away
by the sheer romance of getting married. Discuss your financial
concerns before you walk down the aisle.
Prenuptial agreements
These legally-binding contracts will save you quite a heartache
in the event of a divorce.
But who is ever considering divorce at the time of marriage?
It may seem unromantic, and certainly, most of the time
it may be unnecessary. However, if you stand to inherit
a very large sum of money, if you have a trust fund, or
if you own a business, a prenuptial can help you keep what
is rightfully yours.
Set a reasonable wedding budget
With the average American wedding costing over $19,000,
it makes sense to look into some affordable alternatives.
Keeping it small and holding the ceremony and reception
in a park or other scenic public place are just two examples
of ways that you can save a ton.
Be ready for tax-season
If both spouses work, by law, they both must be taxed at
the same rate as that of the highest income-earning spouse.
Married couples will be happy to hear, however that the
marriage tax penalty is being phased out over the next few
years.
Merge your money
Legally, a married couple has joint-ownership of everything.
Regardless, a husband and wife will often open a joint bank
account to make household expenses easier to track.
Discussing the financial details of marriage one-step-at-a-time
can help ease the both of you into a fruitful and harmonious
new life together.
