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Tying the Knot

Marriage is the coming together of two separate lives, but it's also the coming together of two separate financial histories and situations. And while your past financial history will continue to be a part of your financial life, you'll also be contending with a lifetime of new financial experiences and decisions together. The key to success is to be ready to handle everything that comes up. Having the financial resources to deal with the unexpected will be as important as developing the communication skills needed to talk about financial matters.

Talk About Money
Financial problems are a major factor contributing to many divorces. But you can't completely safeguard yourselves from these problems. So how do you keep financial mishaps from putting undue strain on your relationship? Like everything else in a marriage, communication is the key. Know each other financially and be willing to talk openly about your present financial situation.

So spend some time getting to know your future spouse's financial history. Swap credit reports. Ask what he or she expects and wants.

Plan Your Finances
Before you tie the knot, it may also be useful to meet with a qualified, objective financial planner. A financial planner can help you as a couple with goal-setting and budgeting, as well as answering financial questions. It's a great way to get you both talking about money together. The Financial Planning Association® offers a valuable Checklist for Interviewing a Financial Planner to help you find the best, most qualified professional.