Engagement can be a hectic and overwhelming time for all
parties involved. However, by setting a wedding budget and
by creating a long-term money-management plan, you can ensure
that you will start off on the right foot. Follow these
steps for a good marriage preparation:
1. Prepare to merge finances
Discuss your spending and saving habits, your debts and
assets and your respective salaries. Be sure that you have
a realistic idea of how marriage will affect you both as
a couple and as individuals.
2. Plan your wedding
Make a realistic assessment of how much you can spend. While
the average wedding cost is $15,000, with careful planning
you may be able to go lower than that and create memories
that will last forever.
3. Decide on whether to have a prenuptial agreement
Prenuptial agreements aren’t always necessary. However,
if there is a considerable difference in your net assets,
it would be foolish not to have one drafted by a lawyer
and signed by the necessary parties.
4. Merge your money
In the eyes of the law (and creditors), a married couple
is a single financial unit. This holds true, even for those
couples who decide to open joint bank accounts.
5. Go over your taxes
A good accountant may help out in this area. Generally speaking,
dual-income families get penalized by tax laws. Evaluate
your tax situation and decide if it is worth it for both
of you to work.
