by Michael Lodge
Marriage happens every single day in some city, some state all day long in the United States. The issue is before they said “I Do” did they sit down with a financial counselor, or their accountant, and do a financial check up on each of their financial status. Make sure that you know what debts and financial stress may be coming into the marriage, remember financial issues is always a big concern in marriage so why not think about it before you get married.
So I would suggest you do the following.
- Call your accountant and tell him/her that you are going to get married and you and your fiance would like to sit down and have the accountant do some financial review of both financial situations.
- Run your credit reports and bring it to the accountant so he can see your income and your debt
- Have the accountant create a financial statement so you can see your net worth – or net loss.
Your accountant can put it all together so that you can see what each of you are entering into – financially. Remember, once you say “I Do” some of that tax liability now becomes you (if there is any) and part of the debt may become your debt. So perhaps before getting married it is advisable that you are on the same page, you both hear each other and understand the financial issues before marriage, clean up the financial problems before you walk down the isle, and if you clean it up your financial position will be stronger and your marriage will be stronger. But hear each other out and work on it before the marriage begins.
Now those of you thinking about getting married before the year end so you can file married filing joint and get the tax benefits, talk with your accountant one on one.
Wanting to get married? If you are wanting to get married we have two accountants in the office that are ordained ministers and can perform the wedding ceremony right in the office or at your event. I am always on call in the office if you want to get married. So come in, get married, file jointly on your tax return. But before you say “I Do” call our office or your accountant and sit down and go through your financial affairs. Listen to each other. Call our office at: 877.778.1770
JOKE OF THE DAY: A man is talking to the family doctor, “Doc, I think my wife’s going deaf.” The doctor answers, “Well, here’s something you can try on her to test her hearing. Stand some distance away from her and ask her a question. If she doesn’t answer, move a little closer and ask again. Keep repeating this until she answers. Then you’ll be able to tell just how hard of hearing she really is.” The man goes home and tries it out. He walks in the door and says, “Honey, what’s for dinner?” He doesn’t hear an answer, so he moves closer to her. “Honey, what’s for dinner?” Still no answer. He repeats this several times, until he’s standing just a few feet away from her. Finally, she answers, “For the eleventh time, I said we’re having MEATLOAF!”