Financial Tips Before Getting Married



Many congratulations as you are going to tie the knot! You have booked the church, ordered the flowers, hired a caterer and have organized everything else needed for your big day. Now what? Have you discussed the financial consideration? Before you take a walk to the altar, ensure to go through this financial checklist:

Understand your partner’s financial history:
 
Once you get wedded, individual debts become joint debts. Know about your spouse’s financial history & what debts she already has. Your spouse’s debts may become your accountability once you’re married. Before getting married, have an open discussion about your spouse’s financial obligations that determine the potential impact that it could have in future. 

Credit score:
 
Credit scores are critical both for you and your spouse, especially if you’re planning to take a large loan, such as a mortgage. Before getting married try to take off any negative items & incorrect info from both of your credit scores. This process carries the utmost importance if you both want to maintain a clean credit score.

Budget planning:
 
Some couples prefer to dwell together prior to marriage to ensure they’re stable financially. Combining two financial lives isn’t always easy, even if you’ve already started living jointly. You should know how to do budget planning. Sit down to talk about one another’s financial responsibilities & what can be done to ensure all responsibilities are fulfilled on both sides.

Be open about the financial record:
 
There may be something regarding your financial history your significant others don’t know about, but it’s critical that you should be open about it. Your spouse will perhaps come to know these issues sooner or afterward. Hiding important financial issues will only cause a disturbance between you in the future.

Be clear about long-term financial goals:
 
Both of you should have a clear idea of where you see yourself in 6, 12, and 18 years from the date of your marriage. This vision should include discussion about both long term &short-term monetary goals with each other. Discussing these plans will surely help you meet your long-term financial goals with ease.

For more such financial tips, consult Sunil Chugh. Sunil is a Certified Financial Planner in Mississauga helping families and couples make sound financial decisions.

Disclaimer: The information in this commentary is for informational purposes only and not meant to be personalized investment advice. Please contact your investment professional for investment advice and before investing in any product. ACPI does not publish market research and Sunil Chugh is not registered as a research analyst. The content is from sources believed to be accurate and the opinions expressed are those of the author and do not necessarily represent those of ACPI
Location: Canada

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