Wedding season is now upon us. As the blushing bride or the proud groom, you’ve likely spent hours planning for the big day. But, what happens when the wedding bells stop and the wedding bills begin? Making sure the two of you are on the same financial page is essential to ensuring your marriage begins with a strong financial foundation. Here’s a short check list to get you started:
1) A personal finance review:
Each partner should share their personal balance sheet to determine total assets and debts. Take this opportunity to plan how debts and income will be split or shared. A solid plan can alleviate problems later.
2) Get legal advice:
Do you have a will? If not, have one drawn up. If you already have one, is it up to date and do you have a power of attorney? This might be a morbid topic for some people, but clearly defining your final wishes and naming the person who will act on your behalf is a vital part of your financial plan. This information should be updated every five years.
3) Consult a financial advisor or accountant:
Marriage will change your tax situation, so an advisor or accountant can show you how to minimize your potential new tax burden.
4) Protect what you have:
Protecting and maintaining your standard of living is important at every life stage. Do you have a plan for how you’ll manage your obligations if you become ill or injured? Review your insurance coverage and consider updating your portfolio if you find gaps.
For more advice about your financial check list, give me a call.
Bill Clunas is a Certified Financial Planner with Desjardins Financial Security Independent Network and Branch Manager-Mutual Funds with Desjardins Financial Security Investments Inc. located at 114-700 Richmond Street, London, Ontario. Phone: 519-438-1730 Fax: 519-438-6518.