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TYING THE KNOT

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					          TYING THE KNOT: READY TO MERGE YOUR ASSETS?

Many newlyweds these days are thirty-something and are combining households and
finances. Whether you’re 19 or 90, there are a number of financial items that should be
on any newlyweds what to do before we say I do checklist. Here are some basic
questions that should be answered before couples tie the knot:
   1. Is there debt?
           The first money conversation should be with both sides showing their
             savings, investments and debt figures – all of it.
           Couples need to decide how they will handle debt going forward – jointly
             or separately.

   2. Are there investments?
          How will they be handled once the couple is married? Will they be held in
             joint tenancy?
          Assuming there is debt, how will you maximize those investments?

   3. How will we handle the money?
         Couples need to understand how they’ll share accounts and pay bills.
         Common options are to create one joint account and then one for each
           individual

   4. What about insurance?
         Life, health, home, and disability – all insurance that couples have
            separately needs to be reviewed and consolidated to make sure they have
            enough coverage for their new life.

   5. What about estate issues?
         Marriages require wills and exact directives on who will get what,
            especially if a second marriage is involved.
         No matter how young the couple, health directives should also be
            considered.

   6. Is there a budget?
           A budget is key as it sets specific goals for the big things – a house, kids,
             education and other big-ticket items.

   7. What about retirement?
         Couples should decide how they want to live in retirement, whether they’ll
            continue to work and what will happen if one or both get sick. This is
            where a financial planner can help the most – on such distant goals.

   8. Does there need to be a prenuptial agreement?
          Prenups aren’t just for wealthy people anymore. They can set the ground
             rules for a much healthier financial future.

This article should not be construed as tax or legal advice, nor should this be construed as an offer to buy
         or sell securities. Please contact your accountant or tax attorney for more information.

J.J. Burns & Company, LLC  1895 Walt Whitman Road Melville, New York 11747  Phone (631) 390-0500
                               Visit us on the web at www.jjburns.com

				
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