Though it may seem contentious to discuss earnings and assets with your partner before marriage, it could be a life-saver. Financial partnership with your life-partner is essential. To avoid future clashes, both individuals should be clear about their own goals and financial limits.
If both of you are earning, it’s a good idea to consider joint accounts so expenses can be shared. If the income scale varies widely in between you, contributing an equal percentage for paying bills is also an option.
You can save some extra money with the Registered Retirement Savings Plan or Tax-free Savings Accounts when you are married. Have a frank and early discussion with your partner about managing these plans and adjust them according to the situation. At Brown Financial Corporation, we can help prepare your finances for marriage! Contact us today.
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