After the thank you notes are written, the gifts returned or stored, many newly weds think of buying a home. Other than the "I do" this is the first real, big decision many couples make. Don Patrick, a certified financial planner, told MSN that couples need to do some work on their finances as a couple before they look into a home. He explained that many couples, caught up in the romance of their new lives together, do not understand that home ownership is a massive financial commitment.
Before new couples begin to look at homes, Patrick advises, they need to pay off as many of their bills as possible-- including wedding or honeymoon expenses and credit card debt. If either of you had student loans, those should be addressed too. In addition, both partners need to get full copies of their credit report. Another thing many young couples do not think about acquiring is life insurance. If one partner is hurt or killed, the insurance can help pay down (or off) the remaining mortgage on the house-- preventing the surviving partner from coming into debt. One Realtor quoted in the story suggests trying to qualify for a home loan before you begin looking at properties. In part, this will help you set a realistic budget. Patrick suggests that couples have a very frank conversation about their finances, the length of a mortgage, and number of children the couple may have.
Beyond just the financial considerations, couples should spend some time living together before buying a home. This way, you will know your needs as a couple. If one person is moving after the wedding, or changing jobs, or if the couple is moving to a new city, it is usually a good idea to live there at least a year. It takes time to learn a city, and after a year you will know which areas fit you best.
Mostly, all the experts in MSN's article just say "talk." Talk a lot, talk honestly, and talk realistically about buying your first home.






Talking To Children About Divorce
by Wendy Jaffe
I found a great article on talking to your children about divorce on Divorce Magazine's online site. Authors John Ventura and Mary Reid made the following great suggestions.
Break the News of Your Divorce With Your Spouse (if possible): This requires getting your story straight BEFORE you have the conversation. Keep in mind that you are demonstrating to your child that you will bel able to parent together after the divorce.
Timing: The old saying that "timing is everything" applies here. You don't want your kids to hear about your divorce from Grandma or their teacher. Tell them first.
Group or Individual: The authors suggest telling all of your children at the same time if possilbe. The exception is where there is a big gap in their ages making a "group" discussion impossible. (For example, a three year old and a 12 year old). Their rationale is that it assures each child that they know the same thing as their siblings. Plus, there is always safety in numbers.
Opportunity to Ask Questions: Answer all of their questions even if they seem inconsequentuall to you. ('Where will Fido live?' 'Can I bring my special stuffed animal with me when I go to mom's house?') And keep an open line of communication after that initial conversation. Often times kids are so surprised that it takes some time for their questions to form.
Address Their Fears: The article notes that the following fears are very common among children when there is a divorce.
Keep these in the back of your mind during the initial conversation about the divorce, and throughout the divorce process.
Check out the entire article before you have "The Conversation." You will be glad that you did.
November 17, 2006 at 10:20 AM | Permalink | Comments (0)