It’s "Post-Wedding" Season! Here are the Top Post-Wedding Questions Answered!

Congratulations on getting married!  Now that it's official you probably have a few financial matters on your mind!  Post-marriage there are so many financial changes that you and your spouse need to consider, from combining money with your new spouse to figuring out budgeting and bill paying rolls to the big dip into homeownership. All can seem overwhelming but with a little planning and togetherness your financial future can be bright!

Let’s start with one of the biggest financial commitments you will be making once you are married; buying a home.  There is more to the financial commitment of buying a home than just the mortgage payment. Understand if you can really afford to buy that dream home or if it is wiser to rent for the time being and continue to save.  If you decide to purchase a house, it may need repairs and new appliances which are all costs ontop of your monthly mortgage payment. Although many couples who are ready to settle down and start a family may think it is a wiser investment to buy a home, you don’t want to get stuck in a home and not be able to afford the mortgage payments due to unexpected expenses related to home ownership.  You need to create a budget that will reflect how much you can afford to pay in mortgage payments and other household utilities (cable, electric, water, heat, electricity, repairs, insurance, etc. ). while still including money left over in case of unexpected expenses.

Many couples think it is necessary to merge bank accounts with their new spouse.  This is not always necessary!  If you and your spouse want to combine your finances you may want to still keep an extra bank account to use for money that you are planning to spend on personal items that do not include co-expenses.  Also, if one of the new spouses has bad credit or financial issues it is a good idea to keep those bank accounts separate while that spouse resolves outstanding debts or financial matters. In the end there is nothing wrong about keeping finances separate!

You or your spouse might want to immediately take the other's last name.  Keep in mind, while changing your surname when you get married holds traditional value, in the age of social media and Google, It may jeopardize your business relationships.  If you have had many accomplishments, awards, or media mentions that could be found online by searching your name, a potential employer may not find these if you have changed your name.  Consider, for business purposes, hyphenating your name or continue to go by your maiden name. On the flip side, if you haven’t already established yourself in your career a name change can keep confusion at a minimum when you start to have children since everyone in the household is then known by the same last name.

The big question with life insurance is when should you get it? Some couples don’t start to think about that until they begin to have a family. With current rates being very low and discounts for age and getting life insurance early can be very cost effective. In addition some policies allow you to save and later use for retirement and actually withdraw money at a later date. Certainly when you have dependants you want to make sure they are well taken care of incase anything happens to you.  Shop around for the best policies and one you can afford by working with a trusted agent.  You can always increase your coverage in the future if you wind up making more money and have additional needs as your family grows.

When considering starting a family being financially healthy is an important consideration.  Raising a child (or two or three or more!) is a huge financial commitment. The United States Department Of Agriculture estimates that it costs a middle-class, two-parent family around $300,000 to raise a child to 17.  You need to consider all the expenses that are associated with both the pre-natal care and raising a child.   There is no magic number to help you determine when you are financially ready to have a baby.  The best way to financially prepare is to settle (or pay down) all of your outstanding debts.   This includes credit card debts, car payments, student loans and putting a dent in your mortgage.   Once you have that done you can start putting aside the money you would have paid toward these debts to begin saving toward your children.  Always remember, having a child means you must expect the unexpected! 

Do you have any other post-wedding finance questions you want answered?  Comment below! 

Leslie H. Tayne, founder of The Law Offices of Leslie H. Tayne, P.C., assists consumers and individuals with the resolution of their unsecured debts. The firm's flexible and well established policies and procedures have helped thousands of individuals lead a debt-free life. For more information, call 1-631-470-8204 or visit www.attorney-newyork.com.