|
« continued from previous page
|
Merging Individual Finances After Marriage
Pros And Cons Of Joint Savings
|
C) Combination of Joint and Separate accounts:
Couples who have spillovers of previous debts like education loans or credit card loans might prefer to continue their separate accounts while opting for another joint account.
The up side:
- You don't unnecessarily burden your spouse with your past responsibilities.
- It allows you space to follow your individual pursuits as well.
The down side:
- It involves more work. You'll have to decide on what an individual's expense is and what's joint.
- Chances for money secrets are more.
- Filing taxes is a complete nightmare.
Other factors to consider when merging finances:
- Review both your insurance policies and if possible consolidate these policies to get benefits of lower service charges and lower tariff, based on enhanced value.
- List out all your assets and liabilities. Make a list of the amounts in your bank savings account, investments like stocks and mutual funds. Also value your jewellery and other personal properties. Review and consolidate wherever possible. Decide on what assets you want to merge and what you want to keep separate.
- List down any debts like car loans, mortgages and credit card debts. Resolve jointly to reduce your debts as early as possible so that you can aim at achieving your long-term financial goals. It's advisable not to officially combine your debt, although you may pay it off together. Continue existing loans in the original holder's name. This will not affect your credit rating while availing loans.
Whatever your decision regarding finances, just remember that money is an emotionally charged subject. The sooner you resolve financial issues, the smoother your marriage will be.
|
|
|
Geetha Dasarathy
|
|
|
|
|
|
|
| |
 |
|
|
|
|
|
| | Espresso Coffee Maker | Deluxe Kitchen Set - 3 Pieces | Philips Grill - HD 4400 | Rs.2,400 ($49.85) | | | | Rs.1,999 ($41.52) | Rs.675 ($14.02) | Rs.5,495 ($114.15) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ask our Experts :
Expert Advice, Personality, Immigration (US), Tarot, Hot Couture, Body Care, Matrimonial Laws, Sexual Health, Life, etc, Man vs Woman, Fitness. |
|
 |
|
Furl it
Reddit
