In our last post we discussed some of the important considerations for couples planning to get married. Among the many things to think about before the big day, financial planning and knowing the financial landscape of both partners is an important step to starting a life together. Yet, many Minnesota couples make it down the aisle without sitting down and flushing out the details of their joint assets and debts.
Creating and reviewing a financial plan together can help avoid conflict and hardship down the road. Experts advise taking time to write out a set of concrete financial goals and to revisit those goals each year. Whether it’s saving money for a down payment on a home or upgrading a to a newer car, it’s important to have an idea of what each partner hopes to accomplish and to make a plan for how to get there.
For couples planning to have children, part of the plan may be life insurance policies that would help keep the family afloat in the event of an untimely death.
Couples that enter the relationship with substantial assets or debts might also consider consulting an attorney about a prenuptial agreement. Especially for individuals who already own property or who have trust accounts in their names, it’s important to define asset ownership and what assets will be shared in advance of a disagreement. It may seem unromantic, but the process can help bring about the sorts of important conversations that many couples should have before tying the knot.
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