June Brides & Financial TiesSubmitted by Bellwether Wealth on June 30th, 2017
With summer comes wedding season – a time full of bliss and excitement for newlyweds-to-be. However, merging two lifestyles, backgrounds and bank accounts can put unneeded stress on a bride and groom if they fail to talk through important issues like these in advance of the big day.
There are plenty of reasons why people are nervous to join bank accounts – Forbes even published an article about the five tax reasons not to get married. But shying away from difficult topics isn’t the answer. Instead, I advise you and your future spouse to consider these three things when discussing your finances as a married couple:
- Do you rent or buy your first home?
- Can you afford a mortgage? Do you have a good savings cushion for repairs and maintenance? I recently wrote a blog about the questions to consider when deciding if buying is the right choice for you. Read it here.
- Updating social security
- It’s very important to get your new social security card once you get married to avoid tax problems in the long run. The decision of taking a last name or hyphenating is completely up to the individual. But it’s important to understand your options and the pros and cons of each decision. The Social Security website has plenty of information to inform and get the process going.
- Talk about your life goals, savings and retirement
- Discuss your financial and life goals with your spouse. Do you want to travel before having kids? Do you want to move to a different state to settle down? Do you plan on investing in business? It’s important to understand where you both want to go in life in order to effectively plan for your future and fulfillment. Consider reading this article that includes great information on what to think about for your future when getting married.
Our team of certified financial planner ™ professionals can help you and your spouse assess your financials and develop a plan specific to newlyweds. We’re happy to discuss what you can do to prepare for your future. Contact our office at 402-476-8844 or email Info@bellww.com
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