If a walk down the aisle is in your near future, financial planning might not be high on your to-do list. In fact, if you’re like most affianced couples, you might be planning to wait until you’re back from the honeymoon to work on your financial plan.
Once the vows are exchanged, however, it might be too late to hash out some critical details about shared finances.
The Georgia financial consultants of Resource Planning Group understand how inconvenient it might be to squeeze in a financial planning session before the wedding – but we think you might be interested in learning more about why it’s time-critical.
Why Seek Financial Advisement Before Marriage?
Asset planning and wealth management strategies for unmarried people can be drastically different than those of married couples. You likely have a portfolio of assets as well as personal debt – as does your future spouse. It’s important to determine exactly how these issues will be dealt with after the wedding.
Many couples find discussing these topics distasteful, as neither wants to give the impression that money comes before love. However, financial disputes are one of the top predictors of divorce.
The best way to avoid unexpected surprises is to start planning your financial future before you (and your assets/liabilities) become legally joined. Even if you plan to keep your finances separated, it’s important to plan for whatever your future might hold – especially if you plan to start a family.
When to Consult Financial Advisor with Your Fiancé
If you start the financial planning process early on, you won’t have to worry about conflicts with dress fittings and cake tastings.
Most investment advisors recommend meeting with your financial planner shortly after you get engaged. This is especially important if you plan to pay for your wedding and honeymoon yourselves and need to start saving money to do so. Developing a financial plan early can also help guide your strategies for buying a family home or purchasing joint assets.
This is the ideal time to learn exactly what each partner will bring to the union, in terms of assets and debts. You’ll want to discuss each other’s perspectives on saving, investing, tracking expenses, taking on debt, etc., and figure out how any personal assets will be handled once you’re married.
Preparing for Your Financial Planning Session
Make sure you arrive at your financial advisor meeting prepared. Bring along your bank and credit card statements, 401k statements, and a list of all of your assets and liabilities. Take a moment before the session to note any issues you want to discuss and questions you want to ask. Finally, give some thought to your financial goals and objectives for the future. Maybe you would like to retire by age 50 or purchase a vacation home on the beach. Letting your financial planner in on these thoughts is the first step to making them a reality.
This is also a good time to discuss estate planning topics. Although you’re just starting your life together, it’s important that you are prepared for whatever life might throw at you.
When you need a financial advisor in Atlanta, turn to Resource Planning Group. We have the experience and resources to help you preserve and grow your assets for a secure financial future together.
DISCLAIMER: It is important to note that this information is not meant to provide investment, tax, legal or accounting advice. This material is for informational purposes only, and is not intended to provide, and should not be relied on for, investment, tax, legal or accounting advice. You should always consult your own financial planning, tax, legal and accounting advisors before engaging in any transaction.
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