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What sort of financial planning can a couple do before marriage?

Often when couples are on the precipice marriage, they are not focused on what life will be like once they have been together over a period of years. This is only natural as people tend to get married while experiencing very strong feelings for their betrothed. But marriage is more than an expression of love; it is also a long-term commitment and a legally binding union.

While the idea of marriage being essentially a contract between two people does not seem particularly romantic, it is a very important aspect of the relationship. And as time goes on, the legal obligations created by getting married can have greater significance, especially if the relationship should falter.

But one thing that may help a couple sustain a healthy marriage is having a financial plan from the outset. Money issues can cause problems, some of which may be bypassed if expectations are properly set prior to the exchange of wedding vows. Here are some aspects of household finances that couples may wish to consider:

  • Are you planning to have children?
  • Are you planning to purchase a home?
  • If you are having children, do you intend to save for their college tuition?
  • At what point do you plan to retire?
  • Do you have plans to travel and if so, how often?

These are just a few things that may be worthy of consideration before you tie the knot. And while it may seem overwhelming to consider such issues, simply engaging in careful, thoughtful planning can make things easier and decrease the likelihood of disputes as time goes on.

You can also help yourself by soliciting the services of a family law attorney. An experienced attorney can help you understand the financial challenges you may face during your marriage. The attorney could also help you draw up a prenuptial agreement or other legal documents that clarify how matters of finances, assets and property will be handled as the marriage progresses.

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