Thinking of marriage?  Prepare to bare your financial soul!  It is hard enough managing money alone. Throw in another person and the financial sparks will fly -- but these tips can help.
Before You Get to ‘I do’ - Consider a prenuptial agreement.  It’s not just a document detailing how to split the assets after a divorce.  Most prenups provide that whatever property or debts you bring to the marriage will remain yours if the marriage dissolves.

Getting Through ‘I do’ - With the average cost of an American wedding nearing $30,000 you might have to let go of some dreams, including the one calling for a perfect wedding.  Decide what’s most important then consider half-measures.  Do everyone a favor and register for gifts in multiple price ranges.

Get married in spring or fall and enjoy the lower off-season rates.  Not only will venues be less expensive but, you’ll also score off-season travel rates.  Sign up with a honeymoon registry that lets guests buy portions of your honeymoon in increments.

The Honeymoon’s Over - The expectations we bring with money become sources of friction for many couples.  If you didn’t have the money talk before the wedding, have it now.  Get down to details when you discuss your lifestyle and your goals.

Set Up a Budget - Even if you had one before, you’ll need a new one that includes incomes, debts and bills.  Decide whether to use joint or separate accounts or “yours,” “mine” and “ours” accounts.  If one of you brought debt into the marriage work together to figure out a plan to pay it off.

Update Your Paperwork – Including wills, 401(k) beneficiaries, life insurance policies and the withholding amount on your income taxes.
Assess Your Emergency Fund - Every couple should have enough money to cover three to six months worth of living expenses.

Happily Ever After - Once you’re cruising along on a shared plan, you’ll need to pay attention to keep your financial boat afloat.  If one person is generally responsible for the budget, switch roles every now and then.  Lastly, don’t keep ‘money secrets’ from each other, ever.
 
For more tips on money call Tim Shaner, president of Capital Consultants a Wealth Management Group at 661- 259-1644 or 818- 557-7289, visit our website www.capitalconsultants.org or drop me an email at tshaner@capitalconsultants.org .