Marriage and Money: The Best Way to Manage Merging Finances with Your Fiancé

Manage Merging Finances

Here’s what you need to know about joining forces when it comes to finances.

As your wedding day approaches, you may begin to understand that marriage is not just a union of love, but a joint adventure that includes the combining of financial assets. To some extent, you and your sweetheart will need to discuss how you’ll want to manage finances together. While there’s no one way that works best for newlyweds, there are some easy tips to help manage merging finances. So that you’re walking down the aisle a joint partnership, legally, monetarily, and emotionally, read on!

Be open and honest.

You don’t want to hash out finances after you get married, but you have too much to do before the wedding. There may never be a good time to talk about money, but it’s important that you do! Discuss bills, salaries, assets, savings accounts, debt, and more. Now is also a good time to discuss where to store important documents, such as mortgage papers, insurance documents, birth certificates, marriage certificates, and more.

To join or not to join?

Living together with someone can be exciting! The bills, however, can weigh couples down. Talk about whether to split bills evenly, open a joint account, or if one will take responsibility for them all. At this point, it’s best to keep an open mind and be clear on what you consider to be a fair contribution.

Add up the numbers

Being married to someone with a bad credit score won’t affect yours. However, as soon as you open a joint bank account, your credit rating could be affected. You’ll be co-scored, so bear in mind this process before continuing with the account.
Before you jet set on your honeymoon, talk to the professionals at Lofgren Agency to secure your much-needed insurance policies! From life insurance to wedding insurance, we have everything that you need to protect you and your spouse’s new life together! Contact us for your insurance policies in Hudson, New York and beyond.

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