The topic of finance is still a bit taboo among some partners. As long as they are single, there is usually no problem. However, as the wedding approaches, some financial issues should be clarified. This will prevent possible quarrels and disagreements. What should you be interested in?
Loans and debts
First of all, be clear on how you are doing with loans and debts. The debts of one of the spouses incurred prior to the marriage do not form part of the common property. However, this does not mean that they cannot ultimately influence both spouses.
In the case of non-repayment of the debt incurred prior to the marriage, the creditor may only sue the debtor, but if successful in court, the execution may also affect the joint property of the spouses. It is certainly not worth lying about loans and debts. A much better option is to devise a common repayment plan.
Mortgage – home loan
Another good reason to know about a partner’s possible debts is a mortgage. If one of the spouses has a bad payment history, does not repay the loans on time, and has records in the debtors’ registers, you may have to wait for the common mortgage until the situation is resolved.
Future plans – a joint account?
Also important is your idea of joint management. Have you already thought about whether you will have one bank account or will you keep your own? Consider all pros and cons.
- Joint Account: Its main advantage is that you have an overview. You do not have to pay direct debit from one account and rent from another. You can see all your expenses together. At the same time, you will save money on keeping several different accounts. You only pay all fees once. The downside may be that the partner knows about each of your expenses and payments.
- Separate Accounts: You may see uneven spending for separate accounts. From the beginning, it is good to determine who will pay fees from your account, who will rent and who will collect. Different partner income may also be a problem, for example when a woman goes on maternity leave. However, if you want to be financially independent and mind partner control over your spending, this is the solution for you.
- Joint account and two separate accounts: You can also bet on a compromise and have accounts equal to three. The only drawback is that you will have to pay management fees for all of them.
Finally, it is worth considering how you plan your retirement security.
Relationship to money and credit
It’s also a good idea to find out how your partner is related to money. If you haven’t solved this by now, it’s time. Clear your priorities. How much do you spend and what does your dear half spend? Are you saving, or do you prefer to enjoy? What is your opinion on loans and consumer loans? Although you do not mind different attitudes now, everything may change over time. Especially if you need to tighten your belts.
How much does a wedding cost?
One of the other topics that the expectant spouses should discuss is the price they are willing to pay for their wedding. It’s ideal to sit still and discuss how much money they can invest in each item.
Want a cheap wedding? The ideal solution is a wedding in four people at the office. Only you two and witnesses, without unnecessary costs. You don’t even need rings. All you have to pay is the administration fee of the matrix. Other expenses are at your discretion.
The price of a classic wedding is usually around USD 200,000. However, the amount can be moved very variable, both downwards and of course upwards.
Wedding Loan – Is It Worth Lending Money For Your Wedding?
In the event that the engaged couple lives in a common household for a longer period of time, they usually pay the bulk of the costs themselves. Parents, sometimes generous grandparents, help with the rest. It is important to agree in advance what to pay, so that just before the wedding unnecessary disputes and problems.
But what if you do not have enough money for your dream wedding? Is it smart to bet on a loan?
Be sure not to head into it. First, consider calmly what you can save on. Check with your parents and grandparents to see if they would lend you the money. A wedding loan is problematic for one main reason.
In early marriage, most couples want to build a common future. Whether it’s housing, parental leave or dreaming, everything costs. It might happen that you will regret the wedding loan in the end because you will find that a newlywed loan would be more interesting to you.