Wedding Bells Part 1 of 5
Posted by
Bruce Moore on Monday, February 11, 2008 at 10:50 AM
Categories:
Miscellaneous
A considerable amount of planning is required to make your wedding day a success. But that day signals just the start of planning issues that affect the two of you. Among them is planning your finances--an important process that can’t be overlooked in getting your marriage off on the right foot.
If you are accustomed to making financial decisions on your own, working as a team on money management issues can mean breaking new ground. As you make the merger, here are some issues to consider:
Deciding what’s “yours, mine and ours.” While some newlyweds have no problem dumping all their money into a family pool, totally combining finances can be drastic--particularly if you and your spouse have unequal incomes and different philosophies about spending and saving. A compromise may be to maintain a household account for joint expenses and to each handle some of your own money separately. Even though the law recognizes that all of a couple’s assets acquired during the marriage are owned jointly, particularly in community property states, you may decide that it’s important for each of you to make some independent purchasing decisions.
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