NEW HAVEN, Conn. (WTNH) — Wedding season is underway and for those of you planning, you know it’s both an exciting & expensive time in your life, but the financial decisions are only just beginning at the altar. Many people think they should combine their finances immediately after marrying because that’s what you do as husband and wife but financial experts say not so fast.
While your love is bound together by marriage, experts say don’t be so fast to do the same with your bank accounts.
“If you combine too early, it could have a detrimental effect when you’re trying to buy that house,” Flaherty said.
Katie Flaherty, with Merrill Lynch wealth management says it’s important to take a close look at one anothers bottom line and make sure one’s poor finances won’t bring the other down.
Consider credit scores and bills.
“What type of debt each of you have, how many credit cards, what kind of investments do you currently have,” Flaherty said you should be asking.
Also, think about your money if or when you change your name.
Don’t forget about your retirement accounts. Making sure any kind of legal documents you have are updating, so if you have a will or state-planning documents, you are updating as well.
She also suggests coming up with a long-term financial plan involving retirement and kids.
That goes for you even if you don’t have kids now, if you plan to. It’s never too early to start saving for their college or at least come to an agreement on how you want to save for big events.