Wedding Day Frocks Adorned with Credit Score

InvestmentNews

InvestmentNews

Before taking a walk down the aisleand into wedded bliss, brides-andgrooms-to-be should first sit downand settle their financial issuestogether. According to ,Jim Tripponof Trippon Wealth ManagementLLC states thatcouples need to do the followingbefore making a commitment:understand each other's financialgoals; see each other's credit score andreport; and create a manageable writtenbudget. Although such topics may seemunromantic to couples on the verge ofexchanging vows, the Illinois CPA Societyin Chicago urges engaged pairs to completea 10-point financial compatibilityquiz, which can help foster awareness ofwhat finances and financial habits individualswill be bringing into a marriage.also states that youngcouples need to understand that dividingassets during a divorce is more difficultthan discussing money before marriage.Although a prenuptial agreement mayseem like a good idea, Trippon says theycreate friction. Instead, he advises wealthycouples to set up separate trusts for individualassets, which is a simpler and cleanermethod of managing premarital finances.When discussing as sensitive a topic asmoney, it's always best for couples to seekout the guidance of a neutral and objectivethird-party professional, such as an accountantor financial planner.