'Til DEBT Do Us Part

Here's a tip: Don't let financial skeletons fall out of your closet after the "I do's". That can get really ugly, really quick. Your debt and your partners' debt will become shared debt after you are married so it's important to be honest with one another up front.  No matter how small the debt may seem, (i.e. child support, car loans, credit card debt, personal loans, judgments, IRS debt, school loans, liens, etc.) put it all on the table in a no-judgment setting.  

Think future. 'Til death do us part' is part of the marriage vows.  As gruesome as that may sound, death is a reality, so be prepared.  Update your beneficiary information as soon as you get married.  Protect each other and your children with life insurance.  Life insurance not only takes the burden off your loved ones for burial costs, but it also allows your partner time to grieve while trying to figure out how to take care of everyday bills without your financial contribution. Establish retirement accounts that you can both contribute to. Keep all financial information in an agreed up location, with easy access to the both of you. If you have assets, you both may want to consider writing a final will.   

Split the bills...or not?  Be sure to discuss who will cover each monthly bill?  Will you split the bills down the middle?  Or will there be one breadwinner?  Who will cover the day-to-day expenses?  Will you maintain separate bank accounts or joint accounts?  Try to figure out who has the best saving habits or the worse spending habits. Opposites attract for a reason :)

Discussing finances may be a touchy subject to some, so try to be patient and understanding while discussing.  Be calm. Work together as a team to come up with a good financial plan for your family. 
#behappy

~Your Favorite Wedding Officiant~
www.sweetheartweddingvows.com