San Francisco Chronicle: Money Tips for the Newly Married
The engagement of a couple instantly triggers a waterfall of congratulations, wedding plans, and questions for the bride and groom-to-be. The planning of a wedding involves countless decisions including selecting a wedding date, creating a guest list, planning a honeymoon and more. And while the couple most certainly takes into consideration the cost of their big day, it can be easy to overlook the legal, tax, and financial decisions and questions that result from getting married. Dave talked with Kathleen Pender, business columnist for the San Francisco Chronicle, about money tips for newly weds. Before making any decisions regarding taxes, insurance, separate vs. community property, retirement accounts, and estate plans, Dave suggests that the couple schedule a time each week to talk about money. “It can be fun,” Dave said. He also provided a several questions that can initiate productive conversations, including:
- What is you first money memory?
- How did it feel to get your first paycheck?
- What did you learn about money from your mother?
- What did you learn about money from your father?
“The single biggest cause of strife in a marriage is money,” Dave said. Having such conversations “is the basis for defusing strife and somehow finding your way to the same page.”
In addition to having important financial conversations, Kathleen’s article “Money Tips for the Newly Married” lists eight tasks for newly wed couples to consider before getting married. When it comes to insurance, Dave notes “If you have auto, renters or homeowners insurance, make sure both spouses are named as an insured on each policy. If you have life insurance, change the beneficiary to your spouse, unless you have a good reason not to.”
If you or a loved one is engaged to be married, Yeske Buie can provide a variety of tools for the engaged couple to help start financial conversations so that for rich or for poor, the couple starts off their marriage with a strong foundation.