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Tying the Financial Knot

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Divorce Do's and Dont's

Find out what you should and shouldn't do during the divorce process.

A marriage marks the beginning of two individuals sharing their lives together.  The newlywed period is a time for a lot of excitement and change.   During this period of time, it is important to sit down with your partner and have some important discussions.  Finances, while not a particularly exhilarating topic, is one that must be talked about with your new spouse.

Moneyfirsts.com recently published an article entitled “Tying the Financial Knot” which laid out a “newlywed checklist” of important financial conversations to have with your significant other.

The first step of the checklist is to “get organized”.  Moneyfirsts.com advises that you should talk to your new spouse about your income, savings, and debts.  They suggest coming together to create a budget and a savings plan that works for your household.  Another piece of advice they offer is to decide together whether you want to combine some of your accounts, for example a joint checking account or a joint retirement savings account.  Additionally, they advise new couples to name their partner as their beneficiary on their investment accounts.

Once you are organized, the next step is to plan for the future.  Moneyfirsts.com suggests that as a couple you set some financial goals, take a look at some investments, and put more money away into your savings.

The next step is to minimize your taxes.  Now that you are married, you will need to update your W-4 forms with your employer.  Change your marital status to make sure that you are paying the right amount in taxes.  Additionally, contemplate creating some tax-advantaged accounts like a 401(k), a health savings account, and/or an IRA.

The next thing you want to do is make sure you both are protected.  Contemplate obtaining life insurance policies, consider disability insurance, and assess your health insurance options.  Figuring out these different insurance policies now, will ultimately save you and your spouse a lot of hassles down the road.  Finally, the last piece of advice moneyfirsts.com has to offer is to create a will.

It is very important to talk to your spouse about all of these financial topics.  Establishing a “financial harmony” is imperative for a healthy and happy relationship.

Additionally, pre- and post-nuptial agreements are very important legal documents, which if entered into early, could lead to much less unnecessary litigation and aggravation in the future.

If you want to speak to a knowledgeable and experienced attorney on issues like these or any other family or matrimony related issues, please contact the Law Offices of Jay D. Raxenberg!

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