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Getting Married? Four Ways to Secure the Relationship

August 12, 2014

People view money VERY differently. They manage it differently, spend it, save it, and invest it differently; they also view debt and investment risk differently. Common financial feuds between married couples today includes: spending everything you make, versus saving, differing views on where to invest your money, and debt.

Goals: These are both short and long term goals. Such as, when do you want to buy your first home? How much indexmoney do you want to start saving for traveling or retirement? By bringing your financial hopes and goals to the table, you can reach a SHARED financial vision for the future.

Budget: Create a budget together. Knowing in advance how much money you can each spend and how much to apply to your agreed upon budget, will greatly decrease the risk of financial feuds down the road.

Estate planning: Good estate planning documents are not only for the rich and famous, or the wealthy. Whether you’re single, widowed, or marrying, it’s important to create and update your will, living trust, insurance policies, power of attorney documents, beneficiary designations and any other financial accounts you may have. Also, getting married is one of the life events that allow you to change your health insurance election without waiting for the open enrollment period, so use this time wisely.

Retirement Planning: Whether you’re getting married earlier or later in life, retirement planning is something you should prepare for as early as possible. Evaluate your current financial situation, as well as the time you envision yourself and your spouse retiring, and discuss how much of your money should be put away and invested into a retirement account each month.

There is no one size fits all solution for how to handle money in a relationship. You have to find what works best for you and your partner. A good financial counselor or other independent party may help you to bridge the gap, and build a better financial life together.

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