Financial wishes for the newlyweds
It's summer, and wedding season is upon us. You've surely spent hours planning for the big day you're going up the aisle. What happens when the church bells stop ringing and it is the cash register's turn to ring? Making sure you are on the same page as your spouse is essential for getting the marriage off to a solid start. Here are 4 financial wishes to get your marital life off to a good start:
We promise to be transparent about our financial situation: You must share your financial statement to assess all of your assets and debts. Take the opportunity to determine how everything will be separated or shared. Having an open, honest conversation and making an effective plan from the start can prevent a lot of problems down the road.
We promise to seek legal advice: Do you have a will? If not, write one. If you already have one, is it up to date? Do you have an attorney in the event that you are unable to take care of yourself or your property? It's a morbid topic for some, but clearly defining your last wishes and naming the person who will act on your behalf is financially vital. This information should be reviewed every five years, or when you take a major step in your life, such as becoming a parent.
We promise to consult with a financial advisor or accountant: Marriage should change your tax situation if you are not already a common-law partner for tax purposes. Your advisor or accountant can advise you on how to alleviate this potential new tax burden.
We promise to protect the life we build together: Protecting and maintaining your standard of living is essential at all stages of it. Do you have a plan to manage your obligations if you are injured or become ill? Review your insurance coverage and consider updating it if there are any gaps.
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