SMARTMONEY.COM EXPERT TIPS: WHAT TO DO WHEN LOVE MEETS MONEY

SMARTMONEY.COM EXPERT TIPS: WHAT TO DO WHEN LOVE MEETS MONEY Of all the promises couples make on their wedding day, the "for richer or for poorer" bit is likely to cause the most problems. But taking a few easy steps will save a lot of headaches - and arguing - in the long run.

***SEGMENT IDEA: PERSONAL FINANCE ***

SMARTMONEY.COM EXPERT TIPS: WHAT TO DO WHEN LOVE MEETS MONEY

Were coming upon Valentines Day once again, and in some cases thoughts of marriage arent too far away. Of all the promises couples make on their wedding day, the "for richer or for poorer" bit is likely to cause the most problems. According to a survey by the Association of Bridal Consultants, more than 67% of newlyweds believe the most serious conflict in their first year of marriage is over money.

Merging finances as a couple does require a lot of work initially. And it takes a lot of maintenance to keep everything up to date and both spouses informed. But taking a few easy steps will save a lot of headaches - and arguing - in the long run. An expert from SmartMoney.com is available to discuss the following on your program:

1. What's Mine Is Mine, What's Yours Is Mine -- While that may seem simpler at first to keep separate checking accounts, planners say that after a few years of marriage, couples find it easier to have a single account. If you do decide to combine your checking accounts, experts say it's essential for each person to have his or her own spending money - and not have to tell the spouse where it goes.

2. Put Yourselves on a budget -- Go through the checkbook after about three months, and find out where the money is going. Then you can develop a reasonable budget. At the very least, try to spot the problem areas and concentrate on reducing spending.

3. Meet the Marriage Penalty --Although Congress continues to debate the future of the marriage penalty, it's intact for now. Which means that a married couple filing jointly pays more in taxes than two single people with the exact same incomes. But, don't run to your human-resources office to change your W-4. At least not if you and your spouse are both working. Once you indicate that you're married, the rules assume that one spouse doesn't work.

5. Examine Your Balance Sheet -- Before you can make any decisions about budgeting, investing or saving for a house, you have to know how much you own and how much you owe. Put together a combined balance sheet, that lists assets and debts--and update it semiannually.

6. Paperwork, Paperwork, Paperwork -- You thought planning the wedding took a lot of organizational skills? Wait until you try to track down everything that has your name on it - or that you named a beneficiary for - a mortgage, 401(k)s, IRAs, disability insurance and life insurance at work. If you have a will already, you'll want to change it, if not you need to have one drawn up.

7. Talk Money -- Above all, it's important to communicate regularly and openly about money. If that means setting aside a time each week or each month for a state-of-the-finances chat, then do it. (Reward yourselves with a dinner out or a movie after each financial-planning session.) But it's essential to keep each other informed, especially if one person tends to deal with all the money maintenance, while the other handles different tasks.

If youre interested in booking a SmartMoney.com personal finance expert for a Valentines Day segment (or any segment related to personal finance or investing: tax, retirement, savings, the markets, etc.), call Lee Graham or Becky Sheldon at SmartMoney.com, 212-373-9365, PR@smartmoney.com. For immediate needs, call 917-806-7902.

For More Information, contact:
Lee Graham / Rebecca Sheldon
SmartMoney.com
(212) 373-9365 or (917) 806-7902
PR@smartmoney.com

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