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Newlywed Finances: A Checklist Illinois

Before getting married, or soon after, discuss marriage finances and make a budget.

Local Companies

CMFS Group, Inc.
309-263-0022
204 N. Main Street
Morton, IL

LPL Financial Services
(312) 923-8700
420 W Grand Av
Chicago, IL

Trans Financial Solutions LLC
630-557-5152
PO Box 803338
Chicago, IL

Palmer Financial Services
312-624-9464
770 N. LaSalle Street
Chicago, IL

Heinold-Banwart Ltd.
(309) 694-4251
2400 North Main Street
Peoria, IL

312 Universal American Financi
(312) 840-8575
401 N Michigan Ave
Chicago, IL

A R Umans
(312) 654-9380
194 E Delaware Pl
Chicago, IL

Equipment leasing
919391657907
121 W Wacker Drive, Suite 2020
Chicago, IL

Adams & McReynolds
217-224-0420
636 Hampshire Suite 208
Quincy, IL

Clifton Gunderson LLP
(309) 671-4500
301 SW Adams
Peoria, IL

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In just about any long-term relationship, finances will come into play, and in a marriage, it's essential to manage finances well together. Whether you're about to get married or have already tied the knot, it's a good idea to sit down with your partner and discuss money.

Financial Talking Points

When you sit down to talk with your fiancé or spouse, begin by sharing the current state of your finances. It's important to be frank and nonjudgmental. Fudging the numbers or concealing certain items from your partner could result in serious problems later. What's important is making sure your plan for going forward is one to which you are both committed. Here are some basics to go over:

what's important to each of you when it comes to finances
how you will manage your assets (what to combine, what to keep separate)
will you use the same bank account? credit cards?
how you will deal with differences in income
how you will manage the payment of expenses, and
what to do if your fiancé or spouse has incurred a lot of debt.

Planning for the Future

In your discussion of finances, it's worth discussing future costs, even if you can't know exactly what these will be. Do you plan on buying a house together? Having children? Taking a trip around the world? Moving? All of these things require significant financial investment. Be sure to discuss the following:

financial goals you are working toward
new furniture or other items you will purchase and own together
how to save up to buy a house
how to plan for having children
how to fund retirement plans, and
any other plans do you want to put in place for the future.

Making a Budget

Sit down with your partner and make a budget.

Income

Salary or wages
Bsiness income
Property income
Investment income

Assets

Bank accounts (with balances)
Investments (stocks, bonds, retirement accounts)
Property

Debts

School loans
Mortgages
Home equity loans
Business loans
Credit card debts
Loans from parents or family

Expenses

Rent/mortgage
Utilities
Food
Clothing
Car/transportation
Support for children from a previous marriage
Insurance
Entertainment
Travel
Education
Loan and credit card payments
Taxes
Retirement contributions
Other purchases (household goods, toys, electronics, and so on)

Making Your Financial Relationship Work

Once you've made these lists, consider the following:

Do you and your partner have enough income to meet your expenses?
Which assets will you keep separate, and which will you share?
Which expenses will you keep separate, and which will you share?
What should you do if one partner isn't meeting his or her expenses?

Whatever your financial situation, it's always better to be open and honest than to be unpleasantly surprised in a moment of stress or crisis.

Featured Local Company

CMFS Group, Inc.

309-263-0022
204 N. Main Street
Morton, IL
www.cmfs.net

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