FI­NAN­CIAL AD­VICE FOR THE COU­PLE-TO-BE

BY MANAG­ING DI­REC­TOR AND SE­NIOR FI­NAN­CIAL PLAN­NER OF CRE­ATE FI­NAN­CIAL SO­LU­TIONS, LEANNE MCDON­ALD

Style Magazine - - Finance -

Since so many women will be ty­ing the knot over the next few spring and sum­mer months, it’s a great time for me to of­fer some fi­nan­cial ad­vice.

So what should you know about fi­nances be­fore you get mar­ried?

Gen­er­ally my re­sponses are very sim­i­lar — if you are get­ting mar­ried there are three rather straight­for­ward points: brides and grooms-to-be need to com­mu­ni­cate about fi­nances, con­sider their fi­nan­cial op­tions and con­tinue to be fi­nan­cially in­de­pen­dent.

Com­mu­ni­cate: You and your fi­ancé need to talk openly about fi­nances. Please don’t wait un­til the last minute to get answers to im­por­tant ques­tions, and please don’t be shy about the top­ics you dis­cuss. Think about it this way — would you start a com­pany with a friend if you were un­sure about their per­sonal fi­nances or how they han­dled money? Of course not! Make sure you un­der­stand each other’s spend­ing habits, cur­rent credit card debt, stu­dent loans, fu­ture plans, how your ac­counts will — or won’t — be blended af­ter the wed­ding and so on.

Con­sider: As in, con­sider fi­nan­cial op­tions. For ex­am­ple, years ago, pre-nups (short for prenup­tial agree­ments) were only as­so­ci­ated with older, af­flu­ent and/or celebrity cou­ples, but that’s sim­ply not the case th­ese days. By us­ing a pre-nup, both the hus­band-to-be and the wife-to-be can de­cide cer­tain fi­nan­cial is­sues in ad­vance. Seek some le­gal ad­vice about bind­ing fi­nan­cial ar­range­ments.

Con­tinue: to

be fi­nan­cially in­de­pen­dent... at least some­what. Part of the ro­mance of get­ting mar­ried in­volves shar­ing your hopes, dreams and life with the per­son you love. How­ever, for your mar­riage to be suc­cess­ful, and for you to main­tain your own fi­nan­cial se­cu­rity, you must pre­serve a mea­sure of fi­nan­cial in­de­pen­dence.

Start your mar­riage off on the right foot and re­mem­ber the three ‘Cs’.

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