Although it’s probably the last thing you want to think about in the months leading up to your wedding, ignoring financial planning can set both parties in a couple up for challenges.
A recent survey of millennials found that 25% of respondents reported that finances cause tension inside their household, which means that it is the number one source of tension in millennial American households today. Other studies have even found that financial issues are the top predictors of divorce.
Before getting married, you also need to talk about any assets that each of you is bringing into the marriage, and begin to lay the foundation for how both of you will work together towards your retirement goals. Although being so early in your journey can make it challenging to take a look at the big picture, it’s a good idea to have an experienced estate planning attorney to help guide you through the necessary documents you’ll want to create as you get married.
You’ll want to update your beneficiary designations and consider using a power of attorney that names your new spouse as the person who is eligible to make decisions on your behalf if you are unable to do so.
Even though it’s hard to fit in time to talk about financial details, you’re much more likely to start you marriage off on the right foot when you have worked through these issues in advance.
An estate planning lawyer can help you accomplish your goals from the outset of your new marital relationship. Schedule a consultation with an attorney to discuss what powerful financial planning looks like for you and your new partner.