Jun 15, 2012

How to Handle Finances When You are Getting Married.

Getting married is a big step in anyone’s life. Finances are a major issue that a couple needs to address even before their big day. Since money is one of the top issues that cause disagreements within a marriage, it’s best to work out all your financial issues as soon as possible.

Before you say “I do”:

  • Have a frank discussion about money. Be up front about all income and debt and discuss your spending styles and habits.
  •  Decide if you are going to pool your finances, keep them separate or find a middle ground. No one method works for every couple.
  • Decide who will be responsible for paying bills and managing finances—or divvy up the responsibility.
  • Talk about a spending limit—a “safe” amount one of you is free to spend without consulting the other.

After you are married:

  • Don’t forget to change your name on accounts and credit cards and update your social security card. 
  • If you both have existing loans, look at interest rates and consider consolidating them.
  • Make sure your health, property, life, automobile, casualty, and other types of insurance are set up properly and that insurance companies have been made aware of your change in marital status.
  • Change the beneficiaries on your insurance policies, bank accounts, retirement plans and investment accounts. (For some types of accounts spouses automatically become beneficiaries unless they waive that right.)

Spending a little time communicating about money early in your relationship—as well as on an ongoing basis—can help ensure a happier financial future for you both!

Bank of Luxemburg Chief Operating Officer Rebecca Edler provides tips for managing your finances before and after getting married on Fox 11's Living with Amy

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