So, you’ve found your lobster (or bagel, or soulmate, you get the idea) and wedding bells are chiming! But before you get swept away in the whirlwind of cake tastings and venue hunting, let’s talk about something equally important: money matters.
Let’s face it, finances are a major factor in any successful marriage. Here at National Legal Center, we’re all about setting you and your partner up for a smooth financial ride after the “I do’s.” So, grab a glass of bubbly (or your favorite beverage) and let’s dive into some essential pre-wedding financial prep.
The Big Reveal: The Money Talk
Yes, it might not be as glamorous as picking out wedding colors, but an honest conversation about finances is crucial. Discuss your current financial situation, including:
- Income and Expenses: Be open about your income, debt (student loans, car payments, etc.), and spending habits.
- Financial Goals: Do you dream of buying a house? Traveling the world? Talk about your long-term financial aspirations.
- Debt Management Strategy: How will you tackle existing debt together? Creating a joint debt repayment plan shows commitment.
Merging Money (or Keeping it Separate?)
This is a personal choice. Will you combine all your finances into one account? Keep some separate accounts for personal spending? Discuss what works best for you as a couple.
Budgeting Bliss (Okay, Maybe Not Bliss, But Stability!)
Creating a joint budget helps you track income, manage expenses, and work towards those shared financial goals. There are plenty of budgeting apps out there to make this easier!
Credit Check-Up
Before you apply for a joint mortgage or other loans, check your credit scores. Addressing any errors or taking steps to improve your credit score can benefit you both financially down the line.
Remember:
Communication is key! Talking openly and honestly about finances before marriage can prevent future conflict and set you up for a financially secure and happy future together. Keep in mind, invest your money and time in the marriage, not just the wedding.
Contact us to create a plan to resolve your unsecured debt so you can both have a fresh start, together!
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