As an Arizona couple prepares to wed, it is important to make time to discuss financial matters. Entering into marriage entails combining two lives into one, and the manner in which both parties approach money can have a significant impact on the relationship's chances of success. Discussing these issues prior to walking down the aisle can clarify matters for both parties, and can reveal whether there is a need for family law planning in the form of a prenuptial agreement.
One of the first things that should be discussed is the level of debt that each party will bring into the marriage. Debt service can have a significant impact on a couple's budget, and can necessitate a delay in purchasing a home or starting a family. In addition, having a frank and open conversation about debt will reveal the attitude that each party has toward money management and financial responsibility.
Another important topic to cover involves savings. This is the time to disclose all assets that will be brought into the marriage, as well as how those assets were acquired. In many cases, one party will bring significant wealth to the table, while the other will contribute little to the couple's initial financial stability. In such cases, drafting a prenuptial agreement is often a wise move, and can protect the moneyed spouse from losing his or her assets in the event of divorce.
When preparing to marry, it can be easy for Arizona couples to lose sight of financial matters in the rush of wedding plans and managing the expectations of extended family members. It is imperative, however, to set aside time to have these discussions, so that both parties enter into marriage with a clear idea of how their financial approach is likely to meld with that of their new spouse. In some cases, prenuptial agreements are the best course of action, and can be handled by a family law attorney in the months leading up to the big day.
Source: nydailynews.com, "5 easy steps to protect your money in marriage -- and divorce", Pam Friedman, Feb. 4, 2016