As couples begin the process of preparing for marriage, there are several things that they must do. The must decided where they are going to live, how many kids they want to have, the rules of their marriage and so much more. One item that is extremely important is finances. Couples getting married need to discuss these key financial points: 1. financial debts, 2. financial goals, 3. opening accounts, 4. making budgets, 5. deciding who is going to be the accountant for the family.
The first thing that any newlywed couple or couple about to get married needs to do is to understand what they will be bringing to the table financially. So they need to value what they have together in total assets which includes investments, bank accounts, cars, electronics, properties, and anything else that will fetch a price. This will give the couple a good idea of where they are starting out financially together.
The couple should discuss one of the major assets that most people own: their vehicles. Couples should discuss how long they each plan on hanging on to the vehicle and what happens when it is time to replace one. They also need to discuss what the appropriate expenditure would be for a vehicle as this is very important.
Income is the next item that should be discussed so that they couple knows how much money is coming into the household. This is the basis from which the couple will build their financial wealth.
Debt is such a big item that many couples have canceled weddings because one partner wasn’t completely honest about the amount of debt they were in. So be honest about how much student loan debt, credit card debt, mortgage debt, car debt, or any other debt you are in. Then the couple can begin to formulate a plan for deciding how to get out of debt.
One of the couple’s biggest assets together is going to be their home. It is important, therefore, to understand where the couple stands financially with their home. Do they own more than they owe? Do they owe more than they own? How much equity if any is there in the home? These are all questions that need to be answered and understood by the couple so that they can make good decisions about where they are going to live now and in the future.
The couple needs to find a financial consultant with whom they can talk and discuss matters of their finances. This person can help them come up with a plan to meet their financial goals that the couple can then take home and implement.
Retirement accounts need to be changed too, so that the newly acquired spouse is now the beneficiary. If the couple does not have life insurance or disability insurance, they should be counseled as to the importance of acquiring some at this juncture.
If neither of the partners has a retirement plan then they should definitely look into getting one together because there will be no social security benefits for young newlyweds getting married these days.
Dorthy Weatherbush didn’t have TheKnot.com to help her plan for and get ready for marriage. With the help of TheKnot.com couples now have lots of resources to not only help them plan for a wedding, but for marriage, kids, and the couple’s first house.
