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Q & A Finances Before & After You Say I Do

Q & A: Finances, Before & After You Say I Do

Q & A Finances Before & After You Say I DoModern Luxury Brides Houston recently sat down with our Investments Manager, Dawn Rodriguez to discuss what newlyweds struggle with most financially. Dawn gave great tips on how to take control of your financial future, which will increase the likelihood of a happy marriage! You can view the full spread in the digital version of the issue here: Houston Brides. 

 

What do newlyweds struggle with most when it comes to finances? The struggle often comes with determining how current and future liabilities and expenditures will be handled. Regardless of whether or not you combine your finances, you must agree on how various liabilities and expenses will be paid when your life and future begin after nuptials. After marriage, many expenses will be joint and the responsibility of both, while others may lean on one. Have an open, honest and frank discussion in determining the best course of action.   

 

 Where should married couples begin when evaluating finances? The best way to reduce financial stress is to work together on a financial statement including a balance sheet, income statement and expense summary.  Start by making an inventory of all the values from your bank accounts, investment accounts and other account balances.

 

Do we really need to discuss debt BEFORE the wedding? Not only is it important to discuss debt before your wedding, it is important to discuss income, monthly expenses and your dreams and goals. Even if you keep your finances separate, you will accumulate debt together. The ability to pay your monthly expenses may be inhibited by the amount of debt each partner is bringing into the union.  Since you will become a team, each needs to agree on how money is allocated in planning for the future and securing the past.

 

What’s the most important item to consider and discuss in regards to money and marriage?Communication. The last thing a bride or groom needs to hear after marrying is the dreaded "D" word. Sadly, money and finances is one of the top causes of divorce. Take control of your financial future and communicate with each other. This will increase the likelihood of a happy marriage, predicated on building a sound financial plan and containing a mutually agreed upon budget and spending strategy, so you to focus on the many other wonderful benefits of marriage.

 

 

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