Getting Married Are Your Finances In Jeopardy?
Getting married can change your finances for the better or for the worse.
If you're going to get married, the last thing that you want to think about is the potential for divorce. However, when it comes to personal finance, getting married is a major step that can have good - or disastrous - consequences, depending on how it is handled. Usually very difficult for all parties involved are divorces. What you should try to do then is make sure that you know exactly who will get what before you marry. If you do this, there is already a pre-existing agreement to fall back on, and the divorce proceedings can be finished as quickly as possible if you ever do go through a divorce.
Before you get married (though this does not need to be used as a determination of whether or not you should marry) you should sit down and go through all of your personal finances. You need to find out how much money you currently have, compare the living expenses that you will have as a couple, and determine what your combined income will be.
Another thing you should do when you have determined what you will have after you get married is think about what you and your future spouse will want to have later on. One example is planning on having children as this should be factored into your financial plans because a lot of money is what you need in order to make sure that you will have enough to raise your child.
It's not necessary that you have a signed prenuptial agreement in most cases, though you might want to if you want to be completely safe. But if you talk things over before you get married, then this will be helpful when it comes to knowing what to expect if things don't work out, and will give your finances some direction.
Other decisions that you should make include whether or not you will have a joint bank account. How well you trust and know your future spouse is the reason for all of this. There are many couples who find it easier to keep separate bank accounts, or to have separate bank accounts and a smaller, shared account for home expenses even though it is traditional to share a bank account.
No matter what you decide, it's important to realize that getting married will have a major effect on your personal finances. Therefore, you should always make sure that you have a good idea of what will happen before you tie the knot.
by: Edith Stratton
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