And frankly, why shouldn't you fairly divide what you have if you do end up getting a divorce? When you marry you are supposed to become one. When that one is divided, well then, divide everything up when the relationship ends. If you aren't willing to do that, stay single.
Another Family's Finances Saved
I just love it when I hear from readers that they found my advice useful. Did you read my column from this past Sunday, "You'll Never Get Rich by Seeing Them Hitched"? (Love that headline!)
The column addressed the growing trend of couples getting married in exotic locations. These are called "destination" weddings.
They are also called "a pain" by the many family and friends who have to pony up big bucks to see the nuptials.
Yes, it's nice to travel. And yes, people are honored to be invited to see a friend, sister, brother or cousin tie the knot. But do we have to spend a couple of thousand dollars, not including the wedding gift, to see that? Frankly, for many people it leaves them in a financial knot.
One father e-mailed me after reading the column:
"My son is engaged and they had decided to have their wedding on an island. I was not too happy about it. What a surprise ... when I read your story. Everything I had said was there. I asked them to read the story, and thanks to you, they now have decided to have the wedding on the Eastern Shore. You saved a lot of money for the friends and family."
That so warms my cheap little heart.
Here's more about destination weddings gone bad from one of Carolyn Hax's Live Online Chats in May:
"Los Angeles: A friend is getting married in July. I'm in the wedding (so a $300 dress) and hosting a shower at a nice restaurant. Just got invited to the bachelorette party in Las Vegas, which will run about $500. I'm really feeling pinched for money and would rather bow out of that. How horrible of a friend would I be?
"Am I an awful person?: A very good friend got engaged on New Year's Eve and began planning a June wedding. It was a destination wedding that was going to cost quite a lot, but a bunch of us decided that we deserved a bit of fun, so we planned on going for the whole week and rented a house. Flights were reserved, deposits made, we're all looking forward to it.
"Last week, the friend announced that the wedding was off. They have things to work out and thought it best to postpone the marriage until they're both sure.
"In the midst of being a supportive friend and talking through this difficult situation, my friend apologized that we wouldn't be getting to go on our vacation after all. I told her we were still planning on going. (We had, as a group, talked about it, but there was no way to get our money back, and some people changed their entire summer plans to go.)
"I thought she might be a little surprised, but didn't expect the reaction I did get. I'll spare you the profanity, but basically, if we go, we are to consider our friendship with her over and we will not be invited to the wedding when it does happen. ...
"Carolyn Hax: You're not awful. Going makes sense."
Too Good to Be True
How would you like to decide what to pay on your mortgage every month?
Well, in many respects a lot of borrowers can. The latest mortgage trend right now is interest-only and payment-option plans.
Basically -- as columnist Kenneth R. Harney reported last week -- payment-option mortgages allow borrowers to choose what they want to pay per month for a preset period, ranging from a fully amortizing standard payment to an interest-only payment to a rock-bottom minimum payment that's even lower than the interest-only option. But the payments don't stay low forever, and other factors could be added to make for a significantly higher payment in the long run.
In fact, Harney highlights a new study by the Consumer Federation of America that tracks this trend: The CFA "examined the case files of more than 100,000 mortgages closed from January to October [of] 2005. The files contained detailed information on household income, credit scores, down-payment amounts, and racial and ethnic characteristics."
|
