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Financial Considerations Prior to Marriage

On Behalf of | Oct 19, 2017 | Family Law |

Along with feelings of excitement, a person may have some worries as they are about to get married. Marriage is, after all, a big step that impacts many aspects of a person’s life.

Financial considerations about how to handle the various expenses and financial challenges a married couple can face as they are starting their new life together are common. How much a person has saved prior to the marriage can have a big impact regarding this issue.

So, among the preparations a person may want to make one thinks of marriage are building up savings and investments before the wedding day.

How much should a person have saved up by the time they tie the knot? While one of the general rules of thumb out there is one year’s worth of salary, what the answer is for each person depends on one’s circumstances. This can include:

  • Age: A recent CNBC article gave some age-based suggestions for goals on what to have saved by the time one gets married. The sizes of the goals go up with age.
  • Goals and expectations: talking about these expectations about the wedding and the anticipated lifestyle post-nuptial with one’s partner can be important in the time leading up to marriage.

Another money matter a person may be worried about heading towards marriage is what financial state they will be left in if the marriage ultimately ends in a divorce. Divorces can have major financial ramifications. There are certain financial goals and assets a soon-to-be-married individual may strongly desire to have protected in the foreseeable event that the marriage doesn’t work out. Given this fact of life, one preparation a person may want to make in the time leading up to their marriage is to speak with a Board-Certified experienced family law expert attorney about whether having a prenuptial agreement could provide such protection. Such agreements can be directed towards a variety of protective purposes.

Source: CNBC, “How much money you should have saved before you get married,” Kathleen Elkins, Sept. 25, 2017