What You Should Know About Your Fiancé’s Finances

8:24 pm Asset Protection, Estate Planning

marriage and money 150x150 What You Should Know About Your Fiancé’s Finances The Today Show’s Money 9-1-1 segment this morning featured an email from a physician asking for advice about whether or not he should marry a woman who is $700,000 in debt, has been through two foreclosures and has a felony conviction for an IRS debt.

The advice:  first, don’t do it!  But if love conquers all, then be sure you have an iron-clad pre-nup.

Here are 10 things you should know about your fiancé’s finances before you utter the words “for richer or poorer”:

Annual income – you’re not only marrying a person, you’re also marrying their salary…or lack thereof.  Be sure you know what your pooled income resources are before dreaming of that dream home or luxury vacation.

Savings – is your intended a saver or a spender?  If your future mate lives paycheck to paycheck, you need to put together a plan for an emergency fund (six months’ salary).

Debt – when you marry someone, you could also be marrying their debt.  And if it’s a big load, you need to know about it.  Develop a plan together to pay it off.

Banking – decide how you will bank together – joint accounts, separate accounts or both?

Health insurance – once you’re married, you need to make some important insurance and estate planning decisions – including whether or not it may be more beneficial to have both of you on the same plan.

Budgeting – if you’ve never lived on a budget, now is the perfect time to get started.  Online resources like mint.com can help you put together a household budget and teach you how to stick to it.

Job benefits – review how your marriage will impact your employment benefits and pension plans and be sure to list your spouse as a beneficiary.

Credit score – if one of you has a low credit score, it will impact your ability to purchase a home or car and is probably a good indicator that someone has money management issues.

Retirement accounts – now is the perfect time to meet with an estate planning attorney to help figure out your financial future when it comes to retirement.

Financial goals – you need to review your short- and long-term financial goals as a couple, and map out a plan to get you there together.

Contact our Orange County estate planning law firm for more information on asset protection and estate planning for a happily ever after financial future.

Get started by contacting our Orange County asset protection estate planning law firm as soon as possible.

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