Marriage and money
Newlyweds are merging their lives; they may also have to merge some of their finances.
Whether or not a prenuptial agreement is called for, the merging takes some thought. The easy part: Updating legal documents, such as beneficiary forms for retirement plans, insurance policies and other legal documents.
Many financial experts recommend "his, hers and ours" accounts. Each spouse can have some money to spend privately, even foolishly, while the "ours" account covers living expenses and household purchases, vacations together and the like.
Check your individual credit scores before opening or merging credit cards. You may want to open a new account or sign onto an account with a good credit history. Look into insurance: a homeowners or renter's policy to cover what you own, and health insurance.
Compare your employers' offerings; do a cost-benefit analysis. Keep up your retirement savings programs at work and start saving together for the things you want.
Weddings often bring nice cash gifts. That can be a smart way to pay down debt, build an emergency fund to cover three to six months' living expenses, and start saving for major expenses like a house, a new car, investments—and a family.
For nearly 30 years, Mike Nickerson has owned and managed a small, full-service accounting practice in the Midcoast. He holds a bachelor's degree in accounting from University of Southern Main and a master's degree in financial planning from Bentley University. He is a past board member and president of the Maine Society of Certified Public Accountants and currently serves on the Maine Board of Accountancy.
An aged rock musician, Nickerson now finds musical enjoyment playing upright and electric bass in a variety of bands spanning folk to jazz music genres. He and his wife have three grown children, and they enjoy their free time hiking, kayaking, golfing, bicycling and motorcycling.
