Financial Moves to Make in Your First Year of Marriage
It’s probably not surprising to hear that finances are one of the leading causes of distress and divorce?especially among newlyweds. Therefore, it?s a topic that should be taken seriously to assure a lasting marriage. Understandably, money is hard to discuss, but addressing your finances early on in the marriage can help alleviate much stress. Of course, it helps to have some financial plan before you tie the knot, but the first year still remains an important time to make the right money moves.
Prevent Problems with a Prenup and Don’t Overspend on the Wedding
It?s been said many times before. Prenups are always a good idea, especially if one or both of you have assets at stake or if you have had a previous marriage. While not seen as a romantic gesture, it can prevent problems in the future. And of course, don?t feel pressured to overspend on your wedding, even if it?s tempting. There is no fun in starting a new life together with a heap of debt. Discuss Your Financial History, Present, and Future
Before you walk down the aisle, have a sit-down with your spouse-to-be and discuss your financial history, present situation, and goals for the future. Among other details, you both should be aware of any student loans or outstanding debts. After marriage, your current credit rating will affect one another, so it?s also a good idea to exchange information such as your FICO score.
Things you should also talk about include spending style and future plans. Are you mor...
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