Discussing finances before the wedding may avoid divorce later
Once an Ontario couple is engaged, the focus will likely be on planning a dream wedding. However, considering the fact that financial disputes lead to divorce in many marriages, attending to the unromantic stuff before the wedding might not be a bad idea. Understanding the financial background and money philosophy of each other may be the best place to start.
Comparing financial goals and then working on combining those into mutual goals is another important step to take. The next matter to address is the manner in which the couple plans to handle daily and monthly finances. Will both their salaries go into a joint bank account, or will they maintain their personal accounts and open a shared account for household expenses? Having a clear picture of who will pay for what can avoid future disputes.
Although retirement might seem many years away, planning for it in advance is important. Couples who want to retire early will have to plan their spending and savings with that in mind. During these conversations, it might also be the right time to discuss the assets and debts each party will bring into the marriage. Nobody wants to find out about the other spouse’s credit card debt or student loan after the marriage.
An Ontario lawyer who is experienced in dealing with family law matters and divorce might be the most appropriate person to provide guidance and support during a couple’s financial planning before the marriage. A seasoned lawyer can also explain the advantages of a prenuptial agreement and help with the drafting of such a contract. Getting the unromantic stuff out of the way will allow the couple to plan a wedding that will fit into the financial goals of both.