It’s that time of year, couples are getting engaged, wedding season is around the corner, and parents of the happy couples are scrambling to make sure the wedding goes off without a hitch. We are doing the same in my family as my brother and his fiancé prepare to say “I do” this April! In talking with them about how to merge their financial lives, I was lead to create a checklist of discussion points to make sure they start off this new adventure on the same page. Below you’ll find these broken up into 3 major categories: Know Your Spouse, Update Your Past, and Plan Your Future.
Know Your Spouse:
- What debt does your partner have?
- Do you know their credit score?
- Do they have legal obligations?
- What is their income?
- What are his/her family plans?
- Will you have to care for aging parents?
- Do they have a financial advisor?
- Is a prenuptial agreement something you want?
Update Your Past
- Update Beneficiaries EVERYWHERE!
- Review employer insurance options.
- Update tax withholding.
- Change emergency contacts at work and on your phone.
- Update insurance policies.
- Update estate planning documents. Now is the time to have a will if you don’t already have one.
Plan Your Future
- What are you career aspirations and your spouse’s?
- Will one of you stay home to raise a family?
- What does retirement look like for you?
- Finally PLAN FOR FUN!!! Travel, hobbies, whatever makes you both excited!
Finances are probably the last thing you want to discuss while preparing for the big day. The dress, flowers, and first dance are much more exciting to plan for. However, it’s this planning and communication that will have the biggest impact on your future together.
*This material is intended for informational purposes only and is not intended to be a substitute for individualized professional advice.