Create a Budgeting Strategy
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that one of you will stay home to raise children while the other works, you need to factor this into your budget planning. Likewise, you’ ll also want to discuss what the plan will be once children are older and if the stay-athome parent will re-enter the workforce. Additionally, if both parents work, you’ ll need to research childcare expenses and options. It can also be helpful to have a conversation about schooling and what type of education you’ d prefer for your children, such as public, private, charter, homeschool and / or religious.
Create a Budgeting Strategy
As you have these conversations, work toward creating a joint budget that addresses your shared financial goals as a married couple. This should focus on both short-term and long-term goals as well as developing a realistic budgeting strategy to help you achieve your objectives. When working with engaged couples, I often recommend creating a roadmap for how finances will be handled once married. This should explore joint, individual, savings and investment accounts. Talk to your partner about where paychecks are deposited, how bills are divvied up and how you will handle unexpected expenses such as job loss or medical bills.
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No matter where you and your soonto-be spouse are in your financial discussions, I highly recommend seeking professional advice for these types of decisions. With the help of a third-party, preferably a financial professional, you and your partner can be guided through what might be difficult and challenging financial topics.
ROAD to RESOLUTION’ s Pre-“ I Do” Education takes the guesswork out of legal obligations once married. Couples will gain an understanding of how marriage impacts finances and families, so they are prepared to wed with not only confidence in love but confidence in the legal consequences, too. Please call 980.260.1600 to learn more about working with me and my team at ROAD to RESOLUTION and schedule your Pre-“ I Do” Education meeting. n
Note: This feature is intended to be informational only and shall not be construed as legal advice.
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