Braxted Park Estate Wedding Fair hosted by County Wedding Events
If you're newlyweds-to-be embarking on your wedding planning journey, pop along to...
Posted by Danielle Harvey on 17 August 2020
"Most weddings are a major financial commitment, and we have seen heart-breaking stories of couples unable to get their money back from venues forced to cancel due to the pandemic, leaving them thousands out of pocket. As the Government has said, the steps we take over the next few weeks and months are incredibly fragile, and it is understandable if couples who were due to wed feel like they are in limbo, emotionally and financially. While some will choose to go ahead as soon as they can, for others a small gathering is just not what they had pictured for their big day and dates have already been re-arranged for next year. Whatever the scenario, your finances are soon to be legally bound and there are few things you will need to consider:
1. Decide how to split your expenses: you may be on relatively equal salaries but if you aren't, it's important to decide early on how you will approach everything from bills to mortgage payments. For example, you could pay a percentage of your monthly income into a joint account, and draw down from that account when making payments. So, if one partner earns £70,000 and the other earns £32,000, putting aside 35% of take-home pay would amount to around £1,400 and £700. This is flexible as each partner's income changes, but agreeing on this upfront will prevent tension further down the line.
3. Look at your emergency funds: if you decide to go ahead and marry as soon as possible, it's important to consider that the jobs market is unstable at the moment and the money you had set aside may need to go towards supporting the other in the event of a job loss. It may seem bleak, but looking now at what 'rainy day' savings you each have will ensure you are prepared should this happen. A general rule of thumb is to have three to six months' worth of living costs set aside.
5. Maintain your independence: for all the talk of joint accounts and couple goals, it's equally important that you don't put all your eggs in one basket. Maintaining financial independence is important within a relationship, but even more so should the relationship sadly come to an end. I have seen first-hand how complicated and fraught divorce cases can be, and it becomes even harder to navigate if one party brings significantly more assets to the relationship than the other. At this time, it is difficult to think about these things but if there is a lot of wealth involved, a prenuptial agreement could be considered. In any case, and on a slightly more positive note, many of us like independence and it would therefore not hurt to have some funds in your own name, regardless of whether the marriage lasts.
Braxted Park Estate Wedding Fair hosted by County Wedding Events
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