Weddings are exciting! As newlyweds, there are so many plans to make regarding dresses, tuxedos, cakes, wedding registries and more. You no doubt want your first day as a married couple to be perfect, as a foundation for greater and more exciting things to come. But what about your financial foundation? Is financial and legal planning also among your list of “pre-wedding to-do's”? If not, it should be!
As you plan your upcoming nuptials, you need to get your financial house in order. Each of you should check your credit history to make sure it is in good shape. You want a good credit score to carry over into your marriage so when it comes time to purchase a house, a car or even a business, there are no delays because of forgotten library fines or parking tickets. Yes, even those are being reported to Credit Bureaus. And what about credit cards? While you may have been diligently paying your monthly payments, paying extra toward the bill each month will reduce the amount of debt you bring into the marriage and you will save yourself thousands of dollars in interest over the next several years.
While you're on the topic of money, it's also important to have an honest conversation about prenuptial agreements. These documents are not just for the rich and famous. They can help everyone set out a clear plan for dealing with finances during the marriage so that money doesn't become an issue that breaks the couple apart later.
All of these issues should be tackled before the wedding to ensure a clean and honest financial start. Remember, the wedding only lasts a day but your marriage is intended for a lifetime. Don't let surprise financial issues or misunderstandings start things out on the wrong foot. Sit down and talk about your finances with a trusted advisor or lawyer now so you can focus on the fun stuff later.
If you have questions about prenuptial agreements or making sure your documents are in order before the wedding, we invite you to contact our office at (260) 969-1177 or click here to schedule a consultation.