 | | |
What should I do if I'm getting married?
| |
Although floral arrangements and honeymoons may be uppermost in your mind as you prepare to walk down the aisle, it's important to remember that you're entering not just a romantic partnership, but a financial partnership as well.
| |
|
Ideally, in the months leading up to the marriage--or, if you're already hitched, soon after--you and your future spouse should make time to have a heart-to-heart about your financial lives together. That conversation should cover everything imaginable about your financial habits and preferences.
| |
|
Is one of you a spender and one a saver? One an impulse buyer and one a strict budgeter? How will you hold your assets--joint or separate ownership for checking accounts and credit cards? If you plan on having kids, does one partner imagine staying at home?
| |
|
You may be surprised at the different expectations you find. Both partners should also disclose all of their assets and debts--now's not the time to be keeping secrets. A candid discussion about these issues ahead of time can ward off potential conflicts later in the marriage and form a basis for some agreed-upon ways of managing finances.
| |
|
Once you've laid the groundwork, you can get started on the details. If you plan to use a prenuptial agreement, contact a lawyer early. Put the paperwork in motion to transfer ownership of accounts or create new ones where necessary. And don't forget to check closely on such things as benefit packages and taxes. Does one partner have cheaper or more thorough health coverage? Will you need to adjust the tax withholding on your paycheck to make up for the "marriage penalty" or a higher tax bracket?
| |
|
Finally, go over all beneficiary information you've had in place. You'll probably want to make your spouse beneficiary numero uno from now on.
| |
|
