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| The First Step would be sitting with your partner and have a candid conversation about money |
Preparing to get married is an exciting time, but it is also fraught with expectations, tough financial decisions, and potentially awkward conversations.
Although getting married can be financially beneficial, sharing the wealth — and the debt can make you feel like you’re paying more than your fair share. That’s why in most cases, it’s best to set clear financial expectations from the start and take steps to protect your assets, especially if one partner comes into the marriage with significant wealth or with children from previous relationships.
Here the some tips to protect your finances.
Have a Honest Conversation With Your fiancé:
The First Step would be sitting with your partner and have a candid conversation about money.
Before you wed, you should explore values surrounding budgets, debt, lifestyle, retirement goals and plans, children and college, and so much more. It is ok if both of you doesn’t agree to everything.
If you marrying someone who doesn’t care about budgets, debt then it is going to be lot of tensions and conflict.
You should start sharing your credit report
Any joint account you open will require a credit report being checked for both you and your spouse. If your spouse’s credit is too poor to use for a home or car loan, you may be tempted to take on those financial responsibilities on your own.
Protecting your assets
You have to ensure that your separate asset remains separate and that will protect in future.
Sitting your goals for the future is a important step. Whether these goals are joint financial goals or something you’d like to take on alone, it’s important to work toward a goal and set a plan to do so. “You’d be surprised how many people make assumptions about how others think about saving and spending
Think Big Pictures
Having these tough financial discussions may seem unromantic in the months leading up to your wedding, but it’s important to keep the big picture in mind.
“Differences in spending habits and financial goals are precursors to divorces — and one of the biggest reasons why people divorce,” Hutchinson says. “[You want it to be] the strongest possible start…so when challenges arise, you have already had these conversations and don’t have to start from square one. It doesn’t mean you don’t trust or love [your spouse.]”
Kruger echoes that sentiment.
“When you get married, you tie an emotional and financial knot that you need to keep strong throughout your lives together,” she says. “Talking about money and financial issues doesn’t come naturally to all of us, but it’s a critical conversation to have with your partners
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