You are all ready to walk down the aisle, take your vows and say your ‘I do’s’. But before this, there is an important aspect of your life that you don’t want to forget. Financial factor is one such crucial element that needs to be in sync. Obviously, talking about your finances may not seem a romantic topic but it needs to be discussed as arguments about money makes one of the biggest predictor for divorces. It will even show your loved one your commitment towards a lifetime of happiness with him or her.
There are several things that you need to consider regarding your financial decisions, to discuss with your future spouse to protect your marriage from any conflicts down the road.
Have a Talk
The first step in the right direction is to understand about each other’s financial information and connection to money. Does he/she comes from a rich or poor background? What type of emotion does the topic about money evokes in her? Is he/she financially stable? Have a conversation regarding each other’s key financial and non-financial information. It all will help you in understanding each other’s financial plans and dreams along with preparing you, how your partner will manage the finances after marriage.
You may have a great personal chemistry but you need to take the correct steps to ensure that your financial chemistry is equally., if not more so, good. You have to make certain decisions jointly regarding your finances as in Who will pay the bills? Will there be separate accounts or you both will share a joint account? You need to sit down with your spouse or future spouse, for that matter, to make a decision about who will take the charge of decision making and money management. It will save unnecessary confusion or arguments down the road, by determining things upfront.
You may already have some insurance coverage through work, which provides some nice benefits. But usually, it is not enough. When you have someone who is dependent on you financially, it is important that you get an appropriate life insurance coverage. Your insurance coverage from work won’t be of much use to you as generally, it goes away as the job does. You need to think of the uncertainties of life as in what would happen to your spouse if you died or suffered a fatal attack.
Today’s economy is full of unforeseen events and more so in the employment sector. You have to think in advance that without your paycheck, how your spouse will be able to pay off small as well as large expenses. The ability to work and earn income is one of your greatest assets and you need to secure it. So, get an evaluation of how much coverage you are getting and for how long among other things. It is also the time to put into place your will so that your assets will be properly managed and assigned after your death. You can secure your spouse and future family through this.
Meet with a Professional
Making financial decisions can be a little overwhelming. Set up a meeting and sit down with a financial professional or an insurance agent to discuss the matters and get the best solution. He will help you in determining a finely laid out plan to avoid any financial conflicts in the future with your spouse.
Marriage and money, both are tricky things and by coming together, they can be hard to manage. Just be honest and work out things together. Come up with a solid plan and start off with good financial habits early in the marriage to brave through many years to come.