Personal Finance Tips to Consider Before You Say “I Do”

Getting married is one of the most wonderful things that could happen to a person. It’s really amazing to find somebody whom you can share everything with: your feelings, your dreams, your homes, your problems, and your money. Yes, haven’t you heard the term “joint accounts”?

Well, money is always a big issue in marriage. It’s the thing that not only binds a couple together, but it can also be something that can keep them apart. So, before rushing to the altar, you should probably read these important personal finance tips.

* Get a prenuptial agreement

You’ve read about them: Sir Paul McCartney, Neil Diamond, Michael Jordan, and Steven Spielberg - a.k.a. celebrities who went through nasty divorces (and lost millions of dollars) just because they forgot to issue a prenuptial agreement. Having a prenup is not an indication that your relationship is not meant to last. A prenup is simply a precaution against a worst case scenario. Unless your relationship becomes similar to that of Bruce and Demi (which you can only find out after several years), getting a prenuptial agreement is necessary. Your personal finances, after all, are the products of your determination and hard work. You deserve to keep them.

* Maintain a personal account

“What’s yours is mine and what’s mine is yours” doesn’t quite work well these days. Opening a joint account with your spouse is inevitable, but it should not be enough for you to let go of your personal account. This has nothing to do with distrust (although that issue often arises when a couple starts fighting over money). Maintaining your personal account is simply a statement. A statement that says: “Hey, I have the right to have my own money. I can do whatever I want with it.”