Updated: Oct 6, 2022
1.How are finances going to be managed? – Both partners should discuss how finances will be handled and agree on the same goals. You may manage them jointly or separately, but the ultimate goal should be the same. Money Management International states, “People who manage separately from their partner are five times more likely to leave their partner due to money issues.”
2. Review current financial situation – Create a combined balance sheet; this includes all assets and debts owned separately or jointly. The combined balance sheet will help visualize your current financial situation as well as create transparency with each other.
3. How are expenses going to be divided? – There may be some income differences, so discussing how expenses will be divided between the two is important when creating a budget.
4. How are taxes going to be filed? – Married couples can file “Married Filing Jointly” or “Married filing separately.” Talk to a financial planner or a CPA to see how these two ways of filing differ.
5. Review Car Insurance Policies – If cars are shared, add your spouse to each other’s car insurance.
6. Review Health Insurance Plans – Many employers offer health insurance plans, and as a legally married couple, spouses have the option to be part of their partner’s insurance plan – there may be additional costs when adding an individual to the plan.
7. Discuss Life Insurance – having life insurance protects your loved ones against the unexpected. If only one spouse works, life insurance will help provide for the surviving spouse.
8. Are you planning on having children? – If so, plan for the additional expenses, such as childbirth bills, childcare, college tuition, etc. According to the U.S department of agriculture, the average cost of raising a child is $233,610.
9. Plan for Retirement – To live happily ever after, you must start building an adequate nest egg to cover expenses during your retirement years.
10. Create an Estate Plan – This determines how your assets will be distributed after death. If you have children, appoint a trusted member to take custody of them in case of incapacity or death.