It’s often said that getting engaged is the easier. The difficult part is what comes next! As soon as you ask the question you will have to begin planning for your wedding, and one of the most important factors is getting your finances in order. Although this is an exciting time for you and your partners, you must not become overwhelmed by the responsibility.
Getting your finances in order is imperative to having a long and happy marriage. This article aims to provide you with a checklist to ensure that you haven’t missed anything out. Follow these steps and you a half way to a happy marriage:
1. Merge finances
Honesty is the key here. Talk through your spending and saving habits declaring any debts and assets you may have. This can be one of the hardest things to do but once everything is in the open it will be much clearer.
2. Plan your wedding
It’s important that you set yourself a budget and stick it. Weddings are expensive and it is easier to go wild and spend a lot of money that you don’t have. Make a realistic assessment of how much you can spend and stick to it.
3. Prenuptial agreement or not
They are hardly the most romantic thing in the world but they do serve a purpose. The good news is that prenuptial agreements aren’t always needed. However, if there is a large difference in the amount of money that you are both bringing into the marriage then it would be wise to get one.
4. Merge money
A married couple is considered a single financial unit by the law and by creditors. This is true even for couple that have separate bank accounts.
5. Pay your taxes, but not too much
This is a complicated area so it’s best handled by a qualified accountant. Depending on your local government, there are sometimes tax breaks available for married couples, so it can be well worth looking into.
Tom Shurville is a journalist and also works with unlock mobile companies around the world
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