It’s fair to say that your wedding day is absolutely one of the most important days of your life. It is a day dedicated to love and it should be enjoyed to the max without any worries other than who is going to catch the bouquet and to what song you are going to have your first dance. However, the more down to earth side of marriage means that you are entering into a potentially lifelong contract with another person, and any type of contract requires a great deal of decision making. Money is always near the top of the list when it comes to post-wedding day responsibilities, and the sooner you come to terms with the realities of being wedded financially, the better. Here are some of the first key decisions to make after marriage.
Discuss A Pre-Nup
This is actually something to do before the wedding but can be as equally important as the financial decisions you make after you’re hitched. A financial pre-nup agreement isn’t always something that is easy to bring up during an engagement. Some people get offended by the notion that they might be assumed to be a gold digger, but in this day and age it really is sensible to form a contract that, if nothing else, protects all of the original and separate assets that you bring into the marriage. It is a contract that nobody ever hopes to have to use, but nevertheless it is one that can save a lot of financial trouble later down the line.
Build A Joint Budget
Now that you are going to be spending and saving for two, it is important to establish a joint budget as early in the marriage as possible. It is absolutely essential that you and your new spouse are on the same page when it comes to spending habits. Talking about money isn’t always the easiest thing for people to do, but now that your finances are tied up with the finances of another person, it is vital to have a frank discussion about your limits as a spending couple.
Explore Investments for Your Future
If you are both interested in doing things now to secure a more affluent future, then it is always good to explore the best ISA stocks and shares options that are currently available. If you are putting your joint capital into these ventures, then it is essential that you are both fully aware and comfortable of all areas. A couple who works the stock market together, stays together!
Write A Will
Just like a pre-nup, the prospect of death also isn’t something that you want to consider so soon after your wedding day, but again it is an important document to have written and securely stored. A will can dictate exactly what happens to your finances, who gets what and how much, and this can directly impact on your new spouse if something happens to you and you have yet to update or write it. Make sure to cover all of your bases and be the owner of a will that reflects your newly married circumstances.
It can be hard to discuss money, but having the difficult conversations will put your marriage on a strong footing from the start.
About the author:
Tejas Maheta is the Founder of techiegenie.com and a tech geek. Besides blogging he love reading books, Learning new things, and Hanging out with friends.