Q. Is a prenuptial agreement necessary?
A. Legally speaking, marriage splits your combined assets
and liabilities right down the middle. Everything gets shared.
Therefore, a prenuptial agreement is sometimes very necessary,
particularly when a married man or woman has assets or liabilities
that will greatly exceed that of his or her spouse. 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.
Q. What about opening a joint bank account?
A. Since all your money will in essence be merged together,
opening a joint bank account can make paying bills much
simpler. This is particularly true of bills for things that
you own and share as a married couple, such as a house or
insurance. However, it is also a good idea to budget some
spending money to put into your own personal accounts.
Q. What is the average wedding cost?
A. Marriage preparation can be really hectic and stressful,
depending on how fancy you want to get. 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. This may be comfortable for you, or maybe
not. Set a realistic budget taking into account your debts
and your income.
Q. My spouse is a spender and I’m a saver. Will we
ever agree?
A. 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. Couple counseling can open the lines of communication.
In the long-run, good communication is the key to successful
financial and family planning.
