by Michael Lodge
There is no magic wand to pass a financial stress test before marriage, but there are options to financial strength, but you have to know what you are getting into.
Everyone falls in love and the total thought of sitting down to discuss both parties financial strengths or big weaknesses is left until it is too late. The biggest issue that causes major fights is money and mostly because of debt or taxes. Then the next question is if either party had debt is it fair to the other party to take on that debt when you say – I do. So what is the fair thing to do, for both parties?
Sit down with your tax accountant and go over the numbers, just like you sit down with your wedding planner. But sit down with your accountant before you even start planning the wedding.
The accountant will look at your tax returns, run your credit reports, look at your debt and spending habits, and do a financial stress analyses, is it safe to proceed to the I Do’s. Debt and financial stress has got to be considered before marriage or you may be setting both bride and groom up for failure.
Now you may think this is not love. It has nothing to do with mistrust of each other, it is a way to make the financial issues clean before taking on a life together. Now that is love without financial stress. No magic wand can make things right, it takes work with a professional to get the bride and groom on the right path.
If you would like to sit down with a tax accountant call 877.778.1770