My fiance and I are starting to receive and save money for our wedding. His grandmother is giving us $10,000 to start off and then we’re going to start depositing money from our paychecks. We want the money separate from our checking accounts so we aren’t tempted to dip into wedding funds and so it might even build interest.
Right now our finances are separate. We plan to join accounts after we’re married. However, for the wedding budget we’d like to create a joint account so we both can write checks, deposit, etc.
One, can this be done even though we’re not married yet?
Second, where is the best place to put this money? We’re looking to open up an account in the next month or so and the wedding is planned for April 2011. Should we look for a regular savings account, a Money Market Account, a CD or something else?
Also, what are the benefits for a PreNup? We aren’t thinking about it in terms of ‘what if we get divorced?’. We are thinking more in terms of debt protection. I am going to Grad School and I might need student loans depending on what kind of research grant I can get. Is there something we can do in a PreNup to keep his credit score up if I end up taking out loans for school?
Thanks for any help! Finances are not my thing lol so I need some help. 🙂
PS: We plan on some financial advising/counseling, but want an idea before we get there!