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Getting Married or Partnered
Getting Married or Partnered
- Decide whether you need a prenuptial agreement. Sure, you aren’t the heir to a hotel fortune, but a prenup can help preserve domestic harmony. Whether you’re bringing children into the marriage, own a business, or providing support for your partner’s education, it’s important to decide if a prenuptial agreement is right for you.
- Clear the air about your financial histories. Let’s be honest; no one wants to marry a deadbeat. And no one wants to be told, “Surprise! We will never get a mortgage because I owe $75,000 in student loans.” So it’s a good idea to get a look at each others’ credit reports and have a frank and open talk about your financial history – and future.
- Decide who will pay for what. The best time to discuss who will pay what bills, and who will manage the books, is always “now.” (HINT: If you’re the one researching ways to manage money, it’s probably going to be you.) Remember: An ounce of hard decision-making is worth a pound of fighting about why you’re three months overdue on your credit card bills.
- Set goals and pick priorities. Sure, where to have the honeymoon and whether or not you want kids are going to be the first decisions you make when you commit to a lifelong relationship. But it wouldn’t hurt to start deciding on long-term goals and priorities, like how to get out of debt and where to retire.
- Cover all your bases. Who wants to talk about making a will? Not you. And yet, as lousy as it may be to think about, it’s something you’ll have to face sooner or later. So just close your eyes, hold your nose, and write (or rewrite) your will so that you can provide for your partner’s security if something should happen. This is also not a bad time to make decisions about health, life, and disability insurance.
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