The Big Merger

Money changes everything. Agreeing on how to manage it may make for a better marriage.



Talking finance isn’t very romantic. But just as you’ll want to know your fiancé’s political and religious beliefs and values, it’s important to explore his approach to managing money.
The discussions aren’t always easy. Financial matters can trigger strong emotional reactions. Money has a way of making people feel safe (the saver), fearful (the “not enough” mentality), powerful (the investor or business mogul), popular (the social spendthrift), hip (the latest-gadget guy), or in control (the keeper of the checkbook). Whatever your feelings are, examine them closely and share them with your partner.
When planning to merge your finances, and throughout your marriage, “Discuss finances openly and frequently so that there’s a blending of understanding for a sound financial relationship,” says Tom Shopa, CPA, of McBride Shopa and Company in Wilmington.
Make those discussions a consistent part of your life together—and a priority, beginning right now. Here’s how.

Gather information

Ask questions. Is your partner a spender, a saver or a risk taker? If you have children together and one of you stays home, who will handle the money and how? Do either of you have major assets or debt?
Knowing the answers and each other’s credit standing will help you make important decisions about credit accounts, mortgages, investments and more. If your partner has a tarnished credit history, for example, you may want to apply for a home mortgage in your name only. If you have an excellent credit rating, you may choose to exclude his name on your accounts.
“With first marriages, though, people usually have fewer things and build their marital wealth together,” Shopa says. “It’s still sound and conventional to buy property together in both names and title it jointly.”
 

Budgeting, Bills and Bank Accounts

Examine your expenditures together. See if there are ways to streamline. Can you save money by consolidating health or car insurance policies or cell phone plans? Auto insurance companies may offer discounts for multi-vehicle policies. And if both your employers offer health insurance, perhaps it’s better to put one spouse on the other’s plan.
Develop a budget to include monthly expenses, pay off debts, and put money into savings accounts. Then decide who will assume responsibility for paying the bills each month or if you’ll alternate.
“For simplification purposes, it makes sense to establish joint accounts so that both husband and wife have access and so that everything passes easily to the spouse in cases of survivorship,” says Ken Rudzinski, a certified financial planner with The America Group in Wilmington.
Some couples, however, prefer to have separate accounts and divvy up the monthly bills. “I’ve had couples that say, ‘You pay this, I’ll pay that,’” Rudzinski says. “Other couples have a joint account for marital expenditures, as well as individual accounts they hold separately.”
Keeping individual accounts is more common in second marriages. “But contribute to a joint account to pay living expenses,” says Shopa. Partners may have very different obligations. There may be stepchildren or alimony payments involved, or one spouse may want to maintain some financial independence.
If one spouse makes more money than the other, he or she may contribute more to the joint account, or each may contribute a percentage of their income. “The result is that both spouses pay the joint expenses and bills,” Shopa says. “But if one wants to buy something special for the other for Christmas, it comes out of his or her personal account.”
 

Have a Safety Plan

While establishing bank accounts, create an emergency fund with three to six months’ of expenditures in liquid assets. “It’s important, even if you need to use wedding gift money to start that account,” Rudzinski says. He suggests a money market or high-interest savings account, like an ING Orange Passbook account.
If one partner suddenly loses his or her job, it could reduce your income drastically. “Where are you going to get the money to maintain your standard of living?” Rudzinski says. With an emergency savings account, you can eliminate some of that worry.
 

Insurance

Along with an emergency cash fund, a safety plan should include auto, home, life and disability insurance. Term life insurance is critical, especially if the surviving spouse may be left with children and a home to pay for. A term life insurance policy can pay off the mortgage and provide monthly income to the surviving spouse.
“Term insurance is so inexpensive these days,” Rudzinski says. “You can get a 10-, 20- or 30-year term policy with high face amount and low payments. A 25-year-old male non-smoker, at a preferred-plus rate, can pay only $245 per year for a $500,000 policy.”
Don’t be caught without life insurance, and make sure you both have adequate disability insurance. “If you’re in a car accident or have health issues, and your debt depends on two incomes, you need that insurance to cover it,” Rudzinski says.
“Disability is, in some cases, almost more important than life insurance because people have a much greater chance of becoming disabled than of early mortality,” Shopa says.
 

Savings and Retirement

Begin saving part of every paycheck for the future, Shopa says. “It’s the best time to save and to use the money for common goals like the house, family, education and vacation you want.”
It’s also the time to start saving for your children’s college educations and your retirement. “The sooner you start saving money, the better off you’ll be and the less of your own money you’ll have to save because of the simple laws of compound interest,” Rudzinski says.
Couples planning to have children can set up a Section 529 college savings plan before those children come along. Start saving in your own name, then transfer to your child later. If it turns out that you don’t have children, you can transfer the account to another family member or withdraw the money. If the money is not used for qualified educational expenses, however, you’ll pay a 10 percent penalty. All of the gains are treated as ordinary income.
“If your employer offers matching funds on a 401(k) or 403(b), contribute the maximum amount allowable—$15,500 per year,” Rudzinski says. “Even if you can only put in 1 or 2 percent, put it in. Don’t stop or decrease. Increase when you can.”
When you have made the maximum contribution to your 401(k), consider putting excess funds (up to $5,000) into a traditional IRA or Roth IRA. Consult a financial planner, however, because the rules about combined incomes and limits are complicated.
 

Tax Implications

While planning your financial future, it may also be a good time to speak with a financial adviser or accountant about the tax implications of marriage.
“There is a marriage penalty tax imposed when the couple’s combined incomes result in a higher tax rate than that of the individual’s,” Shopa says. “So the immediate need is to adjust the withholding and claim the proper amount of exemptions. That way, the couple pays their tax liability as they’ve earned the money”—and they’re not caught by surprise come April. Filing taxes separately could be beneficial, Shopa says, but it may not eliminate the marriage tax penalty.  
 

Prenuptial Agreements

One final bit of advice Shopa offers specifically, but not exclusively, to couples entering a second marriage is this: Get a prenuptial agreement.
“I really feel that both spouses, whether they have a little or a lot of assets, liabilities or responsibilities, should have an agreement signed prior to the wedding date that discloses their financial situation and agrees to how the couple’s wealth will be shared if the marriage doesn’t work out,” he says.
Prenups don’t always apply to failed marriages. They often contain specifics about stepchildren, how you earn and spend, and what will happen during a major life event such as death or disability.
“Drawing up a prenuptial agreement is a process, not something that you can wait for the last minute to do,” Shopa says.
Talking about prenups, taxes, insurance and retirement may seem terribly unromantic, but such discussions may make your marriage stronger in the long run. So before you take that walk down the aisle, take the first step toward planning a harmonious financial future.

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January 2017

January 3 - 28  “Winter Group Show” Rotating Group Show features a variety of art in different styles and media. Custom Framing & Gift Certificates are always available. Gallery Hours:...

Cost: free

Where:
The Station Gallery
3922 Kennett Pike
Greenville, DE  19807
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Telephone: 302-654-8638
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January 14, 15, 16 – Saturday, Sunday, and Monday – 10 a.m. to 4 p.m. Invention Convention Lights, camera, action! This year’s Invention Convention features hands-on video...

Cost: $8 for adults, $6 for children between 4 and 14, and free for children under 4 a

Where:
Hagley Museum
201 Hagley Creek Road
Wilmington, DE  19807
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Sponsor: Hagley Museum
Telephone: (302) 65802400 x 238
Contact Name: Jessica Eisenbrey
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Belly Dance Classes with Zahra Beginner & intermediate classes open to teens and adults Sundays in January starting Jan 8th Beginner: 2:30-3:30 p.m. Intermediate: 1 - 2 p.m (must get...

Cost: $15-$42

Where:
Take the Lead Studio
320 Lantana Drive
Hockessin , DE  19711
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Sponsor: Take the Lead
Contact Name: Zahra
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Join Rachel Binkley of Rocker Soaps + Herbals for a fun and information filled class. We will make soap, learn how to make a soap recipe and get tips and techniques to make it easier for you at...

Cost: 40

Where:
Elements of Nutrition
4710 Kirkwood Hwy
Wilmington, DE  19808
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Sponsor: Rocker Soaps + Herbals
Telephone: 302-544-0391
Contact Name: Rachel Binkley
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Come give curling a try! At this 2-hour intro-to-curling event we'll provide a basic lesson then coach you through a mini-game.  Whether you just want to cross #curling off your bucket list or...

Cost: $35

Where:
The Pond Ice Arena
101 John Campbell Rd
Newark, DE  19711
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Sponsor: Diamond State Curling Club
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The Rehoboth Beach Film Society will present its popular What Makes Us Tick? program during the Martin Luther King, Jr. holiday weekend, January 13-15. This analytical film and discussion series...

Cost: $9 - $10

Where:
Cinema Art Theater
17701 Dartmouth Drive, #2
Lewes, DE  19958
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Sponsor: Rehoboth Beach Film Society
Telephone: 302-645-9095
Contact Name: Jeri Kaplan
Website »

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BROKEN ARROW: A NEIL YOUNG TRIBUTE Broken Arrow delivers the music of Neil Young; both the rockin' electric guitar driven favorites and the more country flavored classics with pedal steel and...

Cost: $12 ADV- $14 DOS

Where:
World Cafe Live Wilmington
500 N Market St
Wilmington, DE  19801
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Telephone: 215-222-1400
Contact Name: MP Intern
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Learn how climate change affects our world with hands-on activities that can relate to explorers of all ages. Arctic Adventure and Rainforest Explorer visitors can take on the role of an Arctic...

Cost: Adults: $9 Children (3-17): $7 Seniors (60+): $8 Under 3: FREE Members: FREE

Where:
Delaware Museum of Natural History
4840 Kennett Pike
Wilmington, DE  19807
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Telephone: 302-658-9111
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When the kids have a day off but the parents don’t, let them spend the day off of school doing something really cool…having fun at DMNH! Enjoy games, crafts, activities, and even a hot dog...

Cost: $20 for Members, $25 for Non-Members.

Where:
Delaware Museum of Natural History
4840 Kennett Pike
Wilmington, DE  19807
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Website »

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January 3 - 28  “Winter Group Show” Rotating Group Show features a variety of art in different styles and media. Custom Framing & Gift Certificates are always available. Gallery Hours:...

Cost: free

Where:
The Station Gallery
3922 Kennett Pike
Greenville, DE  19807
View map »


Telephone: 302-654-8638
Website »

More information

Science is for everyone! Join us for hands on crafts and activities that highlight science contributions to natural history from scientists all around the world. Learn how YOU can make a difference...

Cost: Free with Admission

Where:
Delaware Museum of Natural History
4840 Kennett Pike
Wilmington, DE  19807
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Telephone: 130-265-89111
Website »

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January 14, 15, 16 – Saturday, Sunday, and Monday – 10 a.m. to 4 p.m. Invention Convention Lights, camera, action! This year’s Invention Convention features hands-on video...

Cost: $8 for adults, $6 for children between 4 and 14, and free for children under 4 a

Where:
Hagley Museum
201 Hagley Creek Road
Wilmington, DE  19807
View map »


Sponsor: Hagley Museum
Telephone: (302) 65802400 x 238
Contact Name: Jessica Eisenbrey
Website »

More information

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January 3 - 28  “Winter Group Show” Rotating Group Show features a variety of art in different styles and media. Custom Framing & Gift Certificates are always available. Gallery Hours:...

Cost: free

Where:
The Station Gallery
3922 Kennett Pike
Greenville, DE  19807
View map »


Telephone: 302-654-8638
Website »

More information

Tuesdays and Thursdays from 9:30AM-12:00PM Fall session: Thursday, Dec 1st thru Thursday, December 15th Winter session: Tuesday, January 17th thru Thursday, March 30th   Drop in on Nature is...

Cost: see description

Where:
The Annex
501 Chandler Mill Rd
Kennett Square, PA  19348
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Sponsor: The Land Conservancy
Telephone: 610-347-0347 ext.104
Website »

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East Coast Garden Center Indoor Farmers Market Nov 8, 2016 - April 11, 2017  11 am- 2 pm 25 vendors Location:  East Coast Garden Center 30366 Cordrey Rd Millsboro, DE 19966 302-945-3489

Cost: frr

Where:
East Coast Garden Center
30366 Cordrey Rd
Millsboro, DE  19966
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Sponsor: East Coast Garden Center
Telephone: 302-945-3489
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East Coast Garden Center Indoor Farmer's Marke 25 vendors

Cost: Free

Where:
East Coast Garden Center
30366 Cordrey Rd
Millsboro, DE  19966
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Telephone: 302-945-3489
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A four-week series of ballroom dancing classes taught by teachers from the BlueBallroom. Tuesdays starting Jan. 10. Classes are $30 a lesson for Non-Members. Non-Member slots are limited. For...

Cost: $30

Where:
University and Whist Club
805 N Broom St
Wilmington, DE  19806
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The Cinema & the Arts film series proudly presents a screening of the documentary ART BASTARD on  Tuesday, January 17, 7:00 pm, at Cinema Art Theater, 17701 Dartmouth Drive in Dartmouth Plaza,...

Cost: $9

Where:
Cinema Art Theater
17701 Dartmouth Drive, #2
Lewes, DE  19958
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Sponsor: Rehoboth Beach Film Society
Telephone: 302-645-9095
Contact Name: Jeri Kaplan
Website »

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January 3 - 28  “Winter Group Show” Rotating Group Show features a variety of art in different styles and media. Custom Framing & Gift Certificates are always available. Gallery Hours:...

Cost: free

Where:
The Station Gallery
3922 Kennett Pike
Greenville, DE  19807
View map »


Telephone: 302-654-8638
Website »

More information

The Division of Public Health offers its annual free flu vaccination event in the Legislative Hall Library, ground floor, 411 Legislative Ave., Dover, DE, on January 18, 2017, from 11:00 a.m. to...

Cost: FREE

Where:
Legislative Hall Library
411 Legislative Ave.
Dover, DE  19901
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Sponsor: Division of Public Health
Telephone: 800-282-8672
Website »

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Do you want to learn how to make soap? This is your chance! Join me for a fun and informative class @ Liquid Alchemy. I will teach you how to create your own recipe and the in-and-outs of soap...

Cost: 45.00

Where:
Liquid Alchemy
28 Brookside Dr.
Wilmington, DE  19804
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Sponsor: Rocker Soaps + Herbals
Telephone: 302-544-0391
Contact Name: Rachel Binkley
Website »

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Do you want to learn how to make soap? This is your chance! Join me for a fun and informative class @ Liquid Alchemy. I will teach you how to create your own recipe and the in-and-outs of soap...

Cost: 45

Where:
Liquid Alchemy
28 Brookside Dr.
, DE  19804
View map »


Sponsor: Rocker Soaps + Herbals
Telephone: 302-544-0391
Contact Name: Rachel Binkley
Website »

More information

Show More...
Show Less...

January 3 - 28  “Winter Group Show” Rotating Group Show features a variety of art in different styles and media. Custom Framing & Gift Certificates are always available. Gallery Hours:...

Cost: free

Where:
The Station Gallery
3922 Kennett Pike
Greenville, DE  19807
View map »


Telephone: 302-654-8638
Website »

More information

Tuesdays and Thursdays from 9:30AM-12:00PM Fall session: Thursday, Dec 1st thru Thursday, December 15th Winter session: Tuesday, January 17th thru Thursday, March 30th   Drop in on Nature is...

Cost: see description

Where:
The Annex
501 Chandler Mill Rd
Kennett Square, PA  19348
View map »


Sponsor: The Land Conservancy
Telephone: 610-347-0347 ext.104
Website »

More information

Thursdays from 4:00PM-5:30PM Fall session: December 1st, 8th and 15th Winter session: Starts January 19th, every other Thursday until March 30th This program is based entirely outdoors and is...

Cost: Cost: $30 for TLC members / $40 for non-members

Where:
Bucktoe Creek Preserve
432 Sharp Rd
Avondale, PA  19311
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Sponsor: The Land Conservancy
Telephone: 610-347-0347 ext.104
Website »

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Guest speakers Patty Dailey-Lewis, executive director of the Beau Biden Foundation, and Delaware Family Court commissioner Loretta Young will discuss how participation in social media can too...

Cost: Free

Where:
Wilmington University - Doberstein Admissions Ctr.
320 N DuPont Highway
New Castle, DE  19805
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Sponsor: Wilmington University College of Social & Behavioral Sciences
Telephone: 302-295-1164
Contact Name: Dr. Johanna Bishop
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The 3rd Place and Bike Lane Cafe along with WestSide Grows and Delaware Permaculture bring you the West 7th Street Bazaar.  Happening EVERY 3rd Thursday from January through May, there will be...

Cost: Free Admission

Where:
The 3rd Place
1139 W. 7th Street
Wilmington, DE  19805
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Sponsor: West Side Grows
Telephone: 302-690-9459
Contact Name: Delaware Permaculture
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January 19 – Thursday – 6:30 p.m. Research Seminar: Amyrs Williams (Wesleyan University) – Reimagining the Modern Farm The seminar is open to the public and is based on a paper that is...

Cost: $0

Where:
Copeland Room, Hagley Library
298 Buck Road
Wilmington, DE  19807
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Sponsor: Hagley Museum & Library
Telephone: (302) 65802400
Contact Name: Carol Lockman
Website »

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The Resident Ensemble Players, Delaware’s professional acting company performing at the University of Delaware, presents The Bells by Theresa Rebeck. During the great Yukon gold rush of the...

Cost: $15 - $30

Where:
Thompson Theatre, Roselle Center for the Arts
110 Orchard Rd.
Newark, DE  19716
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Sponsor: Resident Ensemble Players
Telephone: (302) 831-2204
Website »

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HIGH & MIGHTY BRASS BAND There’s a reason that musical trailblazers from Galactic to DJ Logic have recently chosen to collaborate with High and Mighty Brass Band! and legends such as Dr. John,...

Cost: $15

Where:
World Cafe Live Wilmington
500 N Market St
Wilmington, DE  19801
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Telephone: 215-222-1400
Contact Name: MP Intern
Website »

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Show More...
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January 3 - 28  “Winter Group Show” Rotating Group Show features a variety of art in different styles and media. Custom Framing & Gift Certificates are always available. Gallery Hours:...

Cost: free

Where:
The Station Gallery
3922 Kennett Pike
Greenville, DE  19807
View map »


Telephone: 302-654-8638
Website »

More information

Tutto Fresco has live entertainment every Friday night from 6:30–9:30 p.m. Call for details. http://tuttofrescode.com/

Where:
Tutto Fresco
514 Philadelphia Pike
Wilmington, DE  19809
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Formed in 1992, Splintered Sunlight quickly became the most popular Grateful Dead Tribute band in the Philadelphia area, gaining praise from Dead Heads and Non Heads alike. Since that time,...

Cost: $10

Where:
World Cafe Live At The Queen
500 N Market St.
Wilmington, DE  19801
View map »

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Meeting every Friday, Bayhealth Kent General Hospital, 640 s. State Street, Dover, 7:30 pm., Private Dining Room #3 in the basement. For those who have, or think they may have a gambling problem....

Cost: 0.00

Where:
Bayhealth Kent General Hospital
640 S. State Street
Private Dining Room #3
Dover, DE  19901
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Telephone: 800-855-2CALLGA
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Ah, typecasting—the baritone is always the bad guy! In Devils, Drunks & Dastardly Dudes, we’ll go on an operatic journey of men behaving badly. We’ll add a tenor to the mix, too… but we...

Cost: $29-$59

Where:
OperaDelaware Studio
4 South Poplar St.
Wilmington, DE  19801
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Sponsor: OperaDelaware
Telephone: 302-442-7809
Contact Name: Mary Wilcosky
Website »

More information

The Resident Ensemble Players, Delaware’s professional acting company performing at the University of Delaware, presents The Bells by Theresa Rebeck. During the great Yukon gold rush of the...

Cost: $15 - $30

Where:
Thompson Theatre, Roselle Center for the Arts
110 Orchard Rd.
Newark, DE  19716
View map »


Sponsor: Resident Ensemble Players
Telephone: (302) 831-2204
Website »

More information

Show More...
Show Less...

January 3 - 28  “Winter Group Show” Rotating Group Show features a variety of art in different styles and media. Custom Framing & Gift Certificates are always available. Gallery Hours:...

Cost: free

Where:
The Station Gallery
3922 Kennett Pike
Greenville, DE  19807
View map »


Telephone: 302-654-8638
Website »

More information

Amateur and professional creators from the Wilmington community and beyond will sketch, paint and sculpt side-by-side with DCAD students, alumni, faculty and staff as nude and costumed male...

Cost: $30 per person

Where:
Delaware College of Art and Design
600 N. Market St.
Wilmington, DE  19081
View map »


Sponsor: Delaware College of Art and Design
Telephone: 302-622-8000 x 123
Contact Name: Mark Tajzler
Website »

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From foxes and beavers to cats and dogs, all mammals benefit from open space! Discover the signs of mammals in winter and learn about human impact on mammal habitat and population survival. Join...

Cost: FREE for TLC members / $10 for non-members

Where:
Bucktoe Creek Preserve
432 Sharp Rd
Avondale, PA  19311
View map »


Sponsor: The Land Conservancy
Telephone: 610-347-0347 ext.104
Website »

More information

The Rehoboth Beach Film Society and the Cape Henlopen Educational Foundation are proud to present The Metropolitan Opera’s live broadcast of Charles Gounod’s ROMÉO ET JULIETTE on Saturday,...

Cost: $15 - $25

Where:
Cape Henlopen High School Theater
1250 Kings Highway
Lewes, DE  19958
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Sponsor: Rehoboth Beach Film Society
Telephone: 130-264-59095
Contact Name: Jeri Kaplan
Website »

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The Rehoboth Beach Film Society announces the next play in the exciting series of National Theatre Live screenings. National Theatre Live is a groundbreaking project that presents the best of...

Cost: $18-$20

Where:
Cinema Art Theater
17701 Dartmouth Drive, #2
Lewes, DE  19958
View map »


Sponsor: Rehoboth Beach Film Society
Telephone: 302-645-9095
Contact Name: Jeri Kaplan
Website »

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Coastal Concerts in downtown Lewes will host a presentation by one of the most recognized, honored and versatile musicians in the world, the legendary two-time Grammy Award-winning clarinetist...

Cost: $30. Ages 10-18 and one adult per youth.

Where:
Bethel United Methodist Church Fellowship Hall
Fourth & Market Streets
Lewes, DE  19958
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Sponsor: Coastal Concerts, Inc.
Telephone: 888-212-6458
Contact Name: Edna Ellett
Website »

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Ovations Dinner Theatre hosts an interactive Mafia Murder Mystery dinner. Ticket includes a 3-course Italian dinner and the performance. Tickets are $45 for Non-Members and Non-Member seating is...

Cost: 45

Where:
Ballroom at University and Whist Club
805 N. Broom St.
Wilmington, DE  19806
View map »

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Bethany Beach – When local businessman Tim Hill was diagnosed with amyotrophic lateral sclerosis (“ALS”) in 2014, he set on a mission to help other people who were diagnosed with...

Cost: $20 General Admission

Where:
Frankford Fire Hall
7 Main Street
Frankford, DE  19945
View map »

More information

The Resident Ensemble Players, Delaware’s professional acting company performing at the University of Delaware, presents The Bells by Theresa Rebeck. During the great Yukon gold rush of the...

Cost: $15 - $30

Where:
Thompson Theatre, Roselle Center for the Arts
110 Orchard Rd.
Newark, DE  19716
View map »


Sponsor: Resident Ensemble Players
Telephone: (302) 831-2204
Website »

More information

AM RADIO Have you ever perked up when the radio plays a song that first hit popular stations when you were young? Do you turn the volume up to obnoxious levels and sing along? Music can bring us...

Cost: $10 + FEES

Where:
World Cafe Live Wilmington
500 N Market St
Wilmington, DE  19801
View map »


Telephone: 215-222-1400
Contact Name: MP Intern
Website »

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