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Newlywed Finances: A Checklist Michigan

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

Local Companies

Raymond James & Associated
(989)837-6558
Dijak Wealth Management Group - Tim Dijak
Midland, MI

Back On Track Credit Repair
(866) 824-9427
8838 E. 34 ROAD
Cadillac, MI

Pro Energy Consultants
517-206-7033
3167 rockingham way
Jackson, MI

Kathryn M Schram - State Farm Insurance
586-949-9555
: 48875 Gratiot Ave
Chesterfield, MI

CamNet Financial Solutions
616 644-1827
232 Arbor Dr NE
Rockford, MI

Gem Commercial Credit, Inc.
248-477-2170
34026 Navin Ave
Livonia, MI

MichiganHealthBroker, INC
586-604-9669
14859 Durussel
Sterling Heights, MI

Independent Wealth Management
231-929-1086 x1005
236 1/2 E. Front St.
Traverse City, MI

PATRIOTIC TAX SERVICE
(989) 252-0770
330 S Washington Ave.
Saginaw, MI

Velocity Investment Partners
734-474-2677
22 E Cross St
Ypsilanti, MI

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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

Raymond James & Associated

(989)837-6558
Dijak Wealth Management Group - Tim Dijak
Midland, MI

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