Getting married is a wonderful way to bring two people who love each other together. What’s important to remember is that getting married isn’t just about a big event. It’s a legal binding that everyone should be prepared for before signing on the dotted line.
Finances in particular are a large part of this legal agreement. It’s important to understand how your finances will change when you get married. Here are some tips on managing your finances during marriage in ways that keep you in control.
Talk About Finances
Before you get married, it’s essential that you discuss money with your partner. Talk about debt, savings, and how you use your money. The last thing you want to do is marry someone only to find out that they’re swamped with debt.
Both partners should be completely transparent about their finances so there are no nasty surprises on either side. It’s also a perfect time to set financial goals together.
Equal Footing
You may have both accumulated assets before getting married. When you’re legally married, you’ll need to share those assets. For example, if you own a property that your spouse is moving into, you may need to file a quitclaim deed to put your partner’s name on the deed for the property.
It’s important to talk about paying bills and who will be responsible for paying which ones. Try to evenly distribute bills so you’re both paying the same percentage of your income towards the payments.
Be Wary of Joint Finances
When you’re married, having joint finances can be a convenience. To have a joint account where bills are paid and you can both manage what goes in and what goes out can save a lot of hassle. However, when you’re financially tied to someone else, their finances become your own.
So, if your partner is in debt, it could affect your credit score if you’re financially linked. Keep your finances separate while your partner works on lowering their debt.
Save Together
It’s very rare that two partners have the same income but that doesn’t mean you can’t save together. One way in which finances can benefit a marriage is that they allow you to dream together. Think about the property you want to own in the future or the places you want to visit.
When you have a combined dream and you know how much it’s going to cost to make it a reality, saving becomes a task that you can complete together. Think about committing to putting aside 10% of your wages every month and see where that takes you.
List Your Costs
You’ll never know everything your partner is paying out unless you sit down together and list all of your costs. This makes it easier to understand each other’s spending and help each other where necessary. Seeing all costs in front of you makes it easier to financially plan for the future.
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