LOUISVILLE, Ky. (WAVE) — After more than two years of pandemic shutdowns and wedding cancellations, wedding ceremonies are in full swing again.
Now couples are planning even bigger and more expensive weddings than ever before.
The big day is important, but even more important are the decades you will spend together. Arguments over money in marriage are a lot, especially if your finances are not.
However, if someone just takes the time to talk about your financial obligations, goals, debts, dreams, and more, they can stop a problem before it starts.
“It’s a tough subject to talk about, finances, but it’s an important conversation to have,” said Patrick Hicks, general counsel for the online service Trust & Will. “It helps to at least be aware of your spouse’s finances.”
Financial disputes are one of the most common issues that cause couples to fight or even run away. Someone can always make more money, but finding the love of their life can be a lot harder.
It is important to start on the right foot.
“Getting married has legal ramifications, and that’s not what people think about when they get married,” Hicks said. “They think, ‘Hey, that’s the person I love. I want to start a family with.
A person can plan just about anything when preparing to get married, such as decorations, cake flavors, seating arrangements, and music.
Shouldn’t someone pay the same attention to their financial plan?
“Financial wellness is something couples should align themselves with,” Hicks said. “It’s something that is important throughout life.”
Money matters, and so does an honest conversation.
Couples should talk about their debt, credit score, spending habits, and anything that makes financial sense to you.
Hicks also thinks planning for wills and trusts should be high on the priority list, along with fun events for your nuptials.
“As you get married, you go through this major life change; it’s the time you need to think, ‘what do I need to do to get my life in order,'” Hicks said. “Even if you don’t have a lot, you still have something and you might want to say where those things go.”
Estate planning is one of the most important things a person can do to protect themselves, their family and their future.
“Once you’re married, you have someone else to account for, and that spouse is accountable to you,” Hicks said. “There’s no right or wrong answer, but you should definitely have a conversation and make a decision intentionally.”
A person should strip down financially with their partner before walking down the aisle revealing all of their hopes, fears, and financial goals.
If someone has a financial planner, they should seek help to ensure they will be financially fit in life and as a couple.
Click or tap here for advice, frequently asked questions and estate planning advice.
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