Chapter 24 Family Decisions

Goals for Ch. 24.1 Describe the steps, costs, and planning involved in getting married. Discuss important family living decisions and why financial goals are important. Outline the steps needed to plan a successful vacation.

Marriage and Commitment Engagement Most engagements last for a period of 6 months to one year. The average age for first marriages in the U.S. was 26 for males and 25 for females. Premarital Counseling Many churches require counseling before allowing marriage.

Ceremony Plans and Costs Wedding party – consists of the people who are active participants in the wedding ceremony. Civil ceremony-wedding performed by a public official rather than a member of the clergy.

Groom’s Expenses Bride’s ring Marriage license Wedding gift for the bride Gifts for best man, groomsmen and ring bearer Cleric’s or judge’s fee Bachelor dinner Lodging for out of town groomsmen

Family Financial Decisions Financial Goals Financial goals should be realistic and based on your income and life situation. Should be listed in specific measurable terms. Should specify the action you plan to take and should serve as the basis for various financial activities.

Vacation Planning Itinerary – a detailed schedule of events, times, and places. Reservation – an advance commitment to receive a service at a specified later date. Travel Agency – business that arranges transportation, accommodations, and itineraries for customers.

Goals for Ch. 24.2 Describe the steps and costs in a divorce.

Cost of Divorce Expenses involved in divorce are high. They include attorneys fees, court costs and filing fees, child support and alimony, division of property. Property settlement agreement – document specifying the division of assets agreed to by both parties and entered in court for the judge’s approval.

Alimony – money paid by one former spouse to support the other. Child Support – monthly payments to the custodial parent to help provide food, clothing and shelter for the children.