Contributed post
Planning your future together should be one of the happiest times of your life. You will both have dreams you want to aim and decisions to make about things that you might have different views on. One thing that it is vitally important is discussed is the future financial situation after the wedding.
Some people have a prenup agreement in case everything goes wrong. However, there are ways of protecting your separate finances without going to those lengths, some of which have the bonus of tax advantages.
Joint Accounts
Joint accounts are a great idea for you both to contribute money to for new bills that are a result of your marriage. You may now have a mortgage or property rental to pay and then there are the utility and food bills to cover.
You should still maintain your own separate bank accounts as well, where any salary or other income should be paid. This will always be deemed to be your money, even if you end up having to meet Leading Divorce Solicitors because it all goes horribly wrong. You should always think the best about your marriage, but you need to prepare for the worst too.
Property
If you already own a property that is going to be used as the marital home, keep it in your name. Let the mortgage payment come out of your own bank account so that any lawyers looking at it at a later date will see that it is still yours. The finance for any major improvements should also come from your account, although regular maintenance and minor repairs could come from a joint account.
This will protect your property, but may not protect any uplift in its value as that can be considered as a post-marital appreciation. You will of course know how much you paid for the property, but it is a good idea to have an up to date written valuation just before the wedding.
Keep Clear And Concise Records
Both parties should keep clear and concise records of any acquisitions that happen after the marriage. If either of you receives gift or inheritance, for instance, that is just in one name, keep it that way and do not let it get mixed in with any joint finances. This will give you more protection.
Any investing you want to do together can come from a joint account, but if you want to add to something that you were investing in before you were married, make sure the funds come from your own account.
Talk To The Experts
The financial affairs can get very complex and emotional. None of us gets married without expecting to be together for evermore, but unfortunately, the sad fact is that more than 40% of marriages fail.
Speak with a financial advisor so that you both know exactly where you stand. An experienced one will be able to guide you along the right path, and may even suggest that a trust fund could help. Listen to what they have to say and then take a few days break to think about their advice before meeting with them again. Gather any questions you may have and do not rush into anything unless you are 100% happy with it.