You’ve found the one you want to share your life with. For better or worse, sickness & health, richer and poorer – especially if you’ve got student loans. How does getting married affect this?
Like finances, weddings and marital unions are all about honesty. The first thing to do when deciding to get married, is to have a brutally honest about the financial situation you both are currently involved in. How much do each of you have in terms of debt? What do you have in savings, and what are your goals when it comes to savings? In order to make sure neither side is blindsided by the financial situation the relationship will be in, it important to discuss these things, in order to avoid any arguments regarding this.
It’s also important to discuss how a combined income will aid in paying this debt off. Are both sides comfortable paying this debt off? Will the amount being paid increase now that their are two incomes that can go towards it? How soon, as a couple, would we like to be relieved of this debt? All of these questions are important to go over prior to marriage.
Lastly, we suggest you both sit down together with an accountant to discuss how financial aspects like student debt will affect your combined goals and budget. With an accountant, you will be able to look over all aspects of your income & spending, and be able to discuss not only your personal budgets, but your combined goals for retirement, saving for a future family, and many other exciting aspects of life once you’re married.
Looking for an accountant to speak with regarding student loans / a future marriage? Give Hacker Accounting a call at (602) 375-5251 today!