A Few Tips on Getting Your Finances in Order Before Getting Married

In today's world where 43 percent of marriages end in divorce, it is important to make sure you've got your finances in order before you tie the knot. The number one cause for divorce today is money.

Before you get married, there are a few steps you can take to make sure you are protecting yourself and your future spouse.

Consider having an attorney create a pre nuptial agreement. A pre-nuptial agreement is a contract entered into by the two people getting married. The main purpose of the pre-nuptial agreement is the division of the assets in the event of a divorce. Call it marriage insurance if you will. Not all couples agree with this, but it can be a wonderful resource for many.

Try handling a joint account together before you get married. Before my husband and I got married, we kept our separate checking accounts, but started a joint account for bills. At the time, we were making almost the same amount of money, so we'd each contribute the same amount to cover the bills. When rent or the electric bill came due, we would write the check out of that account. It was a good test on how we wanted to handle our finances once we got married and we still had our own separate funds.

Consider setting up an account with a mortgage broker that will allow your wedding guests to make deposits into an account for a down payment on a home. I first heard of it last year and loved the idea. I know the mortgage company that we got our mortgage through offered this type of program.

Talk about who is going to be in charge of paying bills, how much you are going to save, and if you are going to consolidate any bills once you are married. I know in my household it works if I am in charge of paying bills. I like to know how much money we have and where it's going. I also contribute 6% of my pay into my 401K and then I put 20% of my paycheck directly into savings. Since mine and my husband's salaries are pretty close, it ends up being around 10% of our total income being saved.

Getting married is stressful enough, so eliminating one obstacle and possibly preventing problems in the future is a great idea. Sit down, talk about it, and I'm sure it will be a great foundation to a happy marriage.