Love and Money
Whether it's the first time or not, a wonderful journey begins when you walk down the aisle together. Yes, there is the wedding day - "the big day" - but then there is the rest of your life to live together in the marriage.
To make the journey successful, discussions beforehand should include honest communication about finances, assets, debt and attitudes toward money.
Many people feel that talking about money destroys romance. However, avoiding the subject now could cause problems later. Studies suggest that money-related issues end marriages as often as child-related problems do.
Before you get married, decisions should be made as to who is going to handle the day-to-day responsibility of the finances. Both spouses should be well informed and capable of handling these arrangements when necessary.
Planning for the big day involves a wedding budget. List all items you envision, such as guest lists, stationery, gowns, suits, flowers, catering, music, video, clergy fees, honeymoon and transportation.
There are ways to cut costs. You can purchase a wedding dress at a factory outlet or borrow from a relative, forego the limousine, have the ceremony flowers transferred to the reception, and if you plan in advance, you could get discounts on airfare and accommodations.
If you are saying "I Do" to joint finances, establish a joint bank account, rent a joint safety deposit box and update your W-4 form to reflect the new number of dependents. Rethink your tax situation to make the necessary adjustments.
Other things to examine include: insurance coverage, beneficiary designations on life insurance, coordination of medical benefits, re-evaluation of investments and consolidation of financial files.
If the bride takes the husband's name, she should legally change her name on her driver's license, Social Security card, income tax returns, voter registration card, passport, bank accounts, credit cards and insurance policies.
There also are marital contracts to consider. A prenuptial or a postnuptial agreement spells out who gets what in the event of death or divorce, and helps both spouses keep control of their assets, including inherited property or assets, trust funds, family businesses and vacation properties.
