The day of the wedding can be an exciting but stressful experience for many Minnesota couples. There are a million decisions to make, some large and some small, that will influence the event itself and also the new few months or years of life as a new couple. Discussing finances should be no exception.
Making cooperative financial decisions is an important part of planning both a wedding and a life together, and experts say that there are some discussions that shouldn't wait until after the honeymoon.
Debt and credit obligations can be significant financial burdens for young people getting married, especially those with student loans or consumer debt. Experts advise having honest discussions about these issues and creating a plan to manage debt, taking into account wedding, honeymoon, and upcoming household expenses. For couples with unequal levels of debt, it's important to decide what level of burden each person wants to take on for the other, if any. Experts also advise maintain individual lines of credit to protect ratings and help qualify for larger loans like a mortgage.
For many Minnesota couples, this means getting into some nitty gritty details that you may have spared your partner up to this point. It also means considering some of the possibilities for what will happen if the marriage eventually ends, which can be a very difficult conversation to have before a wedding, but many experts say that it's an important part of the process.
We'll discuss these issues further in our next post.
For more information on prenuptial considerations for Minnesota couples, visit our family law website.
Source: Huffington Post, "3 Financial Steps to Take Before Your Wedding Day" Gabrielle Clemons, July 31, 2012