Whether you have a prenuptial agreement yet or not, finances are something that every newlywed or soon-to-be-married couple in Orange County should discuss in detail. Your lives are merging, and so too are your assets and your liabilities.
You may feel like shying away from this type of conversation because it’s just not “romantic,” and there are plenty of other things to think about at this time, but the lasting implications of your new financial life will be major. Getting on the same page now is actually a tool to strengthen your marriage and avoid potential problems down the road.
As you work through these ideas, you may find that it’s worthwhile develop a prenuptial agreement due to the peace of mind and sense of order it can establish for you.
How to Start the Newlywed Finance Conversation
Once you’ve recognized that you should be talking about your finances as a couple, it helps to have sort of a checklist to keep the conversation going. Here are some suggestions for things to consider:
- How much does each of you contribute, and are you both comfortable with that?
- Will you be using the same accounts and credit cards, or will you each have your own?
- What are your most important financial goals as a couple?
- Will you be combining all assets or keeping some separate?
- What are your plans for any debt incurred by each spouse? Will you tackle it together, or do you need an alternate plan?
- Who will be managing household and other expenses and how?
As you answer these questions, you will be on the road to coming up with a financial plan that works for your relationship. In some cases, the decisions you make may not entirely gel with the typical approach outlined by California law. This is definitely a time to consider a prenuptial agreement, as it can protect your plans down the road rather than having a different set of guidelines thrust upon you.
Of course, there are many other factors to take into consideration. Are you planning to have children? Go to college? How will you fund your retirements and save for vacations and other expensive purchases? A prenup lawyer in Newport Beach can help you lay out the groundwork for these plans, and he or she may either be skilled enough or have contacts with financial advisors who can help you create a long-term financial plan that will last well after the newlywed phase of marriage is behind you.