The #1 cause of divorce is money.
Sorry to start out on a bummer note. But it’s important to know that money issues can be a huge stressor. Prepare yourselves for a positive financial future so you can avoid being a statistic. The following are some good pointers. And if you need some help, seek out the services of a financial planner.
Talk it out
Sit down together with a list of every account you each have (loans, credit cards, checking accounts, savings accounts, retirement accounts, investments, etc). Then make the decision about whether you will combine any of your accounts and make a plan about consolidating and/or paying off debt.
(We have some helpful information about managing debt available.)
If you decide to open a joint checking account, please be sure to stop in or give us a call so we can get you set up.
Don’t keep secrets
Skeletons in the closet are bad news, including financial ones. Be open and honest about your debts, credit mishaps and your previous financial history in general. Be sure to do this before you walk down the aisle.
Many couples who don’t talk about their finances will attempt to buy a house or car together only to realize one of them has terrible credit. Save yourself an argument and get it all out in the open before it becomes an issue.
We recommend that each of you get a copy of your credit report and go over them together to correct any mistakes and see how each of you stand, credit-wise.
(We have a bunch of information here about improving your credit, if you’re interested.)
Once you know what your financial pasts look like, talk about your financial future. Discuss if and when you’d like to buy a house, have a baby, buy a car, go back to school, etc. Discuss these big goals now so no one is surprised down the road and you can start to plan for them together.
Send an invite to your family at LACU
(Or at least save us a piece of cake.)
After the big day, if you’ve changed your name, drop by with your marriage certificate and we’ll update our records. Be sure to let us know if your mailing or email address has changed, as well. Congratulations!