Couples getting married are so full of hope, excitement but must remember that the number one cause for divorce in this country is finances. That being said, there are five different financial items that newlyweds need to discuss when they get married: 1. financial debts, 2. financial goals, 3. opening accounts, 4. making a budget, 5. deciding who is going to act as accountant for the family.
The first thing that any newlywed couple or couple about to get married needs to do is to understand what they will be bringing to the table financially. So they need to value what they have together in total assets which includes investments, bank accounts, cars, electronics, properties, and anything else that will fetch a price. This will give the couple a good idea of where they are starting out financially together.
The couple should discuss one of the major assets that most people own: their vehicles. Couples should discuss how long they each plan on hanging on to the vehicle and what happens when it is time to replace one. They also need to discuss what the appropriate expenditure would be for a vehicle as this is very important.
Now, they need to look at guaranteed income, such as their salary, or perhaps an annuity of some sort. This also should include interest paid to them on investments and the like.
Debt is such a big item that many couples have canceled weddings because one partner wasn't completely honest about the amount of debt they were in. So be honest about how much student loan debt, credit card debt, mortgage debt, car debt, or any other debt you are in. Then the couple can begin to formulate a plan for deciding how to get out of debt.
One of the couple's biggest assets together is going to be their home. It is important, therefore, to understand where the couple stands financially with their home. Do they own more than they owe? Do they owe more than they own? How much equity if any is there in the home? These are all questions that need to be answered and understood by the couple so that they can make good decisions about where they are going to live now and in the future.
The couple needs to find a financial consultant with whom they can talk and discuss matters of their finances. This person can help them come up with a plan to meet their financial goals that the couple can then take home and implement.
Any outstanding retirement accounts that the couple has should be changed to reflect the new spouse as the beneficiary. If life insurance is going to be purchased, the couple needs to discuss how much the policy should be for and again should list each other as beneficiaries.
Retirement packages should also be considered if they have none. For instance, most newlyweds should look into a 401k for retirement. - 30299
The first thing that any newlywed couple or couple about to get married needs to do is to understand what they will be bringing to the table financially. So they need to value what they have together in total assets which includes investments, bank accounts, cars, electronics, properties, and anything else that will fetch a price. This will give the couple a good idea of where they are starting out financially together.
The couple should discuss one of the major assets that most people own: their vehicles. Couples should discuss how long they each plan on hanging on to the vehicle and what happens when it is time to replace one. They also need to discuss what the appropriate expenditure would be for a vehicle as this is very important.
Now, they need to look at guaranteed income, such as their salary, or perhaps an annuity of some sort. This also should include interest paid to them on investments and the like.
Debt is such a big item that many couples have canceled weddings because one partner wasn't completely honest about the amount of debt they were in. So be honest about how much student loan debt, credit card debt, mortgage debt, car debt, or any other debt you are in. Then the couple can begin to formulate a plan for deciding how to get out of debt.
One of the couple's biggest assets together is going to be their home. It is important, therefore, to understand where the couple stands financially with their home. Do they own more than they owe? Do they owe more than they own? How much equity if any is there in the home? These are all questions that need to be answered and understood by the couple so that they can make good decisions about where they are going to live now and in the future.
The couple needs to find a financial consultant with whom they can talk and discuss matters of their finances. This person can help them come up with a plan to meet their financial goals that the couple can then take home and implement.
Any outstanding retirement accounts that the couple has should be changed to reflect the new spouse as the beneficiary. If life insurance is going to be purchased, the couple needs to discuss how much the policy should be for and again should list each other as beneficiaries.
Retirement packages should also be considered if they have none. For instance, most newlyweds should look into a 401k for retirement. - 30299
About the Author:
Dorthy Weatherbush didn't have TheKnot.com to help her plan for and get ready for marriage. With the help of TheKnot.com couples now have lots of resources to not only help them plan for a wedding, but for marriage, kids, and the couple's first home.
