Sunday, June 22, 2008

Marriage Planning, Financial Planning, Prenuptial Agreements

I found Start your marriage off right with some sound financial planning at The Oklahoman site. Of course, I think it makes great points when it gets to prenuptial agreements but it also makes sense before it gets to that point. Give it a read. Remember that I am available if you want a prenuptial agreement created or have a lawyer review a prenuptial agreement.

"Whether you are a traditionalist planning to tie the knot this June or are charting your own course with the one you love, some old-fashioned financial advice now can help make your relationship run smoother.

Know the other financially

The adage 'opposites attract” can apply to money attitudes as much as anything else. So it's important to start with a frank discussion about your approach to money. How different are you? Is one person a saver and the other a spender? How do you handle credit and debt? How about the issue of control? What are your individual financial goals?

Answering these questions upfront will lay the foundation for greater mutual understanding. When it comes to money, you're not only dealing with numbers, you're dealing with feelings.

How closely you merge your financial lives is up to you, but to make a financial marriage, you have to be as completely honest and open about your money as you are about everything else."
A prenuptial agreement certainly doesn't sound romantic, but in the long run, it might just help keep the romance alive. Usually we think of prenuptial agreements as something only for the rich or famous. But in certain circumstances, having your financial arrangement written out clearly can make sense.

A prenuptial will be able to help you clarify your issues before they have a chance to turn into a source of dissension. At the very least you should talk through how you'll deal with your situation in a way that is fair to both of you.

No comments: