Financially Planning For Your Marriage
For the young, newly married couple,
the areas of financial concern that will need to be
addressed are: (1) life insurance, (2) form of property
ownership, and (3) money management.
Life Insurance
When it comes to insurance needs, the
basic rule is that you need enough coverage to sustain your
family’s present income level should you die. If you are the
only breadwinner, or if you plan on starting a family soon,
then you will need to purchase life insurance.
Property Ownership
If you intend to own a residence, real
estate, first time home buyer, or other property, or if you
and your spouse already own property together, you will need
to consider the best way for you to hold that property. Will
the property be held solely by one spouse? By both spouses
jointly? Because of the complex legal implications of the
various forms of property ownership, you should seek legal
advice about this issue.
Money Management
It is important to consider carefully
how your day-to-day finances will be handled. The new couple
should discuss financial goals, resolve differences, and
establish a budget and/or saving and investment plan.
Will you have joint bank accounts,
separate accounts, or both? How much do you want to spend on
vacations? On monthly food bills? Entertainment? Gifts? What
are your long-term financial goals? Do you have a financial
plan, even an informal one?
If you don't have a financial plan,
now is the time to prepare one. Even if you do have a plan,
your changed marital status suggests that you review it.
Traditional Wedding Vows: Dearly Beloved
Wedding chapels in Las Vegas (links)
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