PRENUPTIAL TRUST

10 Finance Things to know

The wedding season is fast approaching and with it a list of at least 10 things you should know about your fiancé’s finances from FOXBusiness.com before you utter the words “for richer or poorer”:

Annual income – you’re not only marrying a person, you’re also marrying their salary…or lack thereof. Be sure you know what your pooled income resources are before dreaming of that dream home or luxury vacation.

Savings – is your intended a saver or a spender? If your future mate lives paycheck to paycheck, you need to put together a plan for an emergency fund (six months’ salary).

Debt – when you marry someone, you could also be marrying their debt. And if it’s a big load, you need to know about it. Develop a plan together to pay it off.

Banking – decide how you will bank together – joint accounts, separate accounts or both?

Health insurance – once you’re married, you need to make some important insurance and estate planning decisions – including whether or not it may be more beneficial to have both of you on the same plan.

Budgeting – if you’ve never lived on a budget, now is the perfect time to get started. Online resources like mint.com can help you put together a household budget and teach you how to stick to it.

Job benefits – review how your marriage will impact your employment benefits and pension plans and be sure to list your spouse as a beneficiary.

Credit score – if one of you has a low credit score, it will impact your ability to purchase a home or car and is probably a good indicator that someone has money management issues.

Retirement accounts – now is the perfect time to meet with an estate planning attorney to help figure out your financial future when it comes to retirement.

Financial goals – you need to review your short- and long-term financial goals as a couple, and map out a plan to get you there together.