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For Richer
of Poorer... Page 2
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All this information will
be useful later in your marriage. When your partner comes home with an unexpected purchase
or gets excited over a small increase in the phone bill, you'll have a better
understanding of what the real issues are. It might not be that long distance call to your
mother that's the problem. It could be a fear that you won't have enough money for the
rent.
There are other issues to consider. Will you share joint checking and savings accounts or
try to keep your finances separate? This can be an emotional issue for many couples. For
some, joint assets are a way of signaling their commitment to the marriage. For others,
having a checkbook that they alone control is a sign of self-worth that they won't want to
relinquish.
It's possible that one partner has brought some debts, alimony or child support payments
to the marriage. You'll want to decide how you'll handle those costs before the wedding
bells ring. It might even be a good idea to have a lawyer review your plans to make sure
that one partner is not assuming liabilities from the other needlessly.
You'll also need to decide who will be responsible for paying the bills and balancing the
checkbook. If possible, you might want to consider splitting those responsibilities. That
way both partners will have a working knowledge of the family finances. It's also
advisable for both husband and wife to sit down once a month and review financial affairs.
In many cases you'll be able to solve problems before they become big blow-ups later on.
Our happy couple should also consider whether they want to make any changes in their wills
or IRA's. The inheritance plans that they had in place as a single person are unlikely to
work well after they're married. A new plan is required. This is especially true in the
case of blended families. Decisions on inheritance and guardianship need to be considered
carefully. If you die without a will the state will decide where your money and children
go. There's a good chance that they'll make a different decision that you would.
Not updating your will can be costly. A person who has been divorced and remarried faces a
unique danger. A will made during the earlier marriage could leave all your assets to your
first spouse if you should die without creating a new will. Even if you ended the earlier
marriage on friendly terms, that could prove to be quite a surprise to your current
spouse.
The months preceding the wedding are a busy time for most couples. Even if you don't plan
a big wedding, there are a lot of things that will demand your attention. And many will
have urgent deadlines. But, please don't forget to spend a little time talking about the
unromantic subject of money. After all, it's a key element to helping you keep that 'till
death do us part' promise you'll be making soon.
Gary Foreman edits The Dollar Stretcher website. You'll find the web's
largest collection of free money saving articles. There's even a free weekly email
newsletter. Visit Today!
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