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Talk About Spendingand Saving Habits Know Your Debt UnderstandYour Assets YOUR WE ALTH JOURNEY—NAVIGATING LIFE’S FINANCIAL MILESTONESGetting Married: 5 Financial ConsiderationsHow to successfully mergefinancial lives with your partner Discuss FutureFinancial Decisions Protect YourselfFinancially Getting married or entering a legal civil union with your significant other is oneof the most exciting times of your life. Yet, it is important to recognize that youand your partner will also be merging some or all aspects of your finances—legally and logistically. Make sure to consider and discuss the financial implications of your union andget to know your partner financially. Of course you know the person you aremarrying, but have you fully discussed your financial situation, behaviors, goals,and values? Having candid conversations about financial matters can helpensure you are on the same page when it comes to how you will manage moneytogether. It can help prevent future misunderstandings and ultimately allow youto make better decisions about how you will operate financially as a team. Hereare important steps to prepare for marriage from a financial perspective. Private WealthManagementwilliamblair.com Talk About Spending and Saving HabitsIt is important to understand how your partner thinks Know Your Debt Likewise, you should understand how much debt yourspouse has and how they are paying it off—and vice versa. Youboth need to be clear, transparent, and specific about yourdebt situation. If your spouse has significant college debt, forexample, how might that affect your ability to spend and meetfinancial goals? And how will any debt be paid off once youare married—by the one who took out the debt originally or byboth of you? Other types of debt that you or your spouse couldbe bringing to the union include mortgages, car loans, creditcard debt, or financial obligations such as child support andalimony if this is a second marriage. about the value of money and spending versus saving it—and to share your own views. You do not have to approachspending and saving in the same way, and some couples havevery different expectations. But you should be comfortablewith each other’s approach and talk through how you willaccommodate or address any differences. Talking about it openly can help you makedecisions such as: •Whether or not a budget will be needed and, if so,how you will work together to create one•Should you have joint and/or separate checkingand savings accounts•Who will be responsible for managing specific billsand expenses Private WealthManagementwilliamblair.com Discuss Future Financial Decisions Understand Your Assets You should understand how your full financial situationwill change once you are married, including knowingthe assets you will continue to own individually and assetsyou will own and be responsible for managing jointly.This includes: It also helps to discuss how you and your spouse thinkabout other future financial matters such as: •Charitable giving—and how important that is to bothof you•Kids (if you plan to have them) and how you intendto pay for their expenses, ranging from childcare tohigher education•Potential future financial obligations, such as agingparents who may need financial support later in life•Expected inheritances of assets from extended familythat you might need to plan for or manage in the future •Checking and savings accounts•Brokerage accounts•Retirement accounts•Insurance policies•Property, such as a house or condo (If you both ownhomes, will you sell one or keep both and turn oneinto a rental?) Private WealthManagementwilliamblair.com Contact Us: Please contact yourWilliam Blair wealthadvisor or contact us atpwm@williamblair.com. Protect Yourself Financially There are a number of steps to take to ensure you protect yourself financially once youare married. For example, make sure to update the beneficiaries on your 401(k)s, IRAs,insurance policies, and other assets to ensure they reflect your union. If you have a willor other estate-planning documents, update those as well. This will help ensure yourassets are directed properly. You should also consider establishing or updating yourpower of attorney and any healthcare directives you might have or want. Finally, consider whether you need a prenuptial agreement. Prenups are used for a varietyof reasons, including one or both spouses having children or businesses they want tofinancially protect. A “prenup” is a legally binding contract you must set up before youget married that states each partner’s rights and responsibilities around premarital andmarital assets and debts. It also lays out what would happen should the marriage end indivorce. A prenup should be coupled with estate documents such as a living trust to ensureassets are distributed to the appropriate parties rather than having state laws dictate thedistribution of assets. Talking in-depth about your financial situations, values, and pr