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June is a popular time for weddings, and it’s important that newlyweds get off on the right foot as far as their finances are concerned. A total of 84 percent of couples said that money causes arguments in their marriages, according to a Money magazine survey.
But taking the right steps now can save a lot of tension and disagreement later, according to the California Society of CPAs (www.calcpa.org). Here are some recommendations for getting the right start financially.
It’s also important to be candid about your financial hopes so that you’re sure your spouse shares them. There could be disagreements down the road if one spouse is aspiring to a luxury lifestyle while the other has a more low-key approach in mind.
Sit down together before the wedding and have a truthful discussion about your income, your assets and liabilities and plans for the future. Talk also about how you will make financial decisions in the future and how you will handle regular bookkeeping and investment planning. Understanding each other now will cut down on disagreements later.
A newly married couple may find that their combined insurance leaves them with too much or too little coverage in some areas. If you are moving into a new home or combining households, assess your homeowner’s or renter’s policy to make sure it fully covers your new location. Look into each spouse’s health insurance, as well, to see if one policy is cheaper and if it can be used to cover both spouses.
This is also a good time to begin analyzing your life insurance options to ensure that each spouse is well provided for and that you have chosen the policy that best suits your needs.
Smart financial planning can help contribute to a long and happy marriage. Turn to your CPA for advice on any important financial questions.
To listen to podcasts with more financial tips, go to http://www.calcpa.org/Content/community/financialempowerment.aspx.