If you’ll be getting married soon, you may be so focused on the wedding and honeymoon that you haven’t given much thought to planning beyond that. Set aside time to sit down with your partner and discuss how you’ll handle finances after you tie the knot.
Conversations about money can be uncomfortable, but they’re necessary. Getting on the same page at the start of your marriage can help you deal with challenges you may face in the future.
Talk about Income and Debt
It’s important to know where you stand as a couple so you can create a game plan together. Discuss all sources of income and all debts that you’re bringing into the marriage. Write down balances and interest rates and discuss how to tackle them. You may want to prioritize certain debts or pay them off from the highest to the lowest interest rate. Transferring or consolidating balances might be helpful.
Discuss Tax Options
You will have to update your tax withholding documents after you get married. You may want to adjust the amount you have withheld. Discuss whether you would be better off filing your tax returns jointly or separately. If you need help deciding, your accountant can look at your specific situation and give you advice.
Plan for Retirement
The earlier you start saving for retirement, the more you’ll benefit from the effects of compound interest. Talk about how much each of you has already saved and what percentage of your income you’d like to set aside in the future.
If you don’t already have retirement accounts set up, consider various options and figure out which would best suit your needs and circumstances. If one or both of you has an employer-sponsored plan with a match, contribute enough to take advantage of the full match.
Review Your Insurance Coverage
Both of you may already have health, auto, and other types of insurance, but you may benefit by purchasing joint policies. Compare the coverage that each of you currently has and get rate quotes from several companies so you can find the right coverage at the best price.
Create or Update Your Wills
If you haven’t already created wills, do that as soon as possible. If you already have wills, you may need to update them after you get married. Also, be sure to update your retirement account and insurance beneficiary information.
Host Your Wedding at an Iconic Venue
The Riverhouse at Goodspeed Station in Haddam, Connecticut, is an elegant setting for your event. We can make sure that your wedding will be unforgettable. Your guests can celebrate your marriage in a breathtaking setting and enjoy delicious cuisine. Contact us today to learn more.