The beginning of a marriage may be the best time to make financial plans in case there is ever a divorce. Financial inequity among married couples can cause hardship to a spouse when they undertake property division at the end of their marriage.
Unfortunately, women usually bear the consequences of this inequity. 64 percent of baby-boomer men make the major investment decisions for the couple, while only 27 percent state they have an equal financial partnership with their wives, according to a recent study. Only 9 percent of women in this age group have the dominant role with investing the couple's assets.
Both spouses should take part in financial and investment planning. Importantly, this includes selecting and taking part in dealing with financial advisors and other professionals. Couples should have a trust and review it every five years. Otherwise, it may fail to meet their needs and require costly revision during a divorce. Couples need to keep important documents, such as 401(k) and beneficiary forms. Banks and trustees may lose these forms or finding them may be delayed when trustees move or if banks reorganize.
Both spouses should have their names on all their bills and accounts. This is very important for a spouse for establishing a credit history if there is ever a divorce. This can help prevent hassles with creditors, utilities and other service providers. An aggregator may also be used to consolidate assets and liabilities. It provides a single place for information and helps avoid tracking down accounts and documents.