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Financial Planning Before Getting Married: A Checklist For Engaged Couples

Financial Planning Before Getting Married: A Checklist For Engaged Couples

January 29, 2018

Getting married is such a whirlwind of excitement! I personally got married a couple years ago and I remember it quite vividly. There are so many things that need to be planned and paid for that it can leave your financial plan on the back burner. Yet, taking time for financial planning before getting married can be a meaningful gift to yourselves. Having a shared financial plan is very important for the health of your new marriage. We've created a checklist to start your new journey off right. 


If you're open to financial planning before getting married, communication is the starting place. Set a time to talk and put aside all distractions, including the TV and cell phones. Openly and honestly discuss all your current financials. What bank accounts, investment accounts and debts do each of you have? What are your dreams and goals for the future? You want to go into your marriage knowing that you can support each other in your goals and are unified in your approach. If you're planning to schedule your first financial planning meeting as a couple, our "What to Expect" blog will help you pull together all of your individual documents, as well as prompt you with some discussion points to look at together before your appointment. 

Bank Accounts

Discuss if you want joint or separate bank accounts. There is no right or wrong way, as long as you make this decision as a couple. If you are going to have separate bank accounts, discuss dividing and conquering payments that need to be made. If you are going to have Joint Accounts, go to your bank and make the necessary changes. 

Name Changes

Is someone changing their last name? This is a big and exciting change to make. The first step is a new Social Security Card. Once you have your marriage license you can request a new social security card (visit Social Security Website for more information). Once you have your new Social Security Card, you can get a new driver's license (for WI residents visit the WI DOT website). Then, when you have your new Social Security Card and your new Driver's License you can update your name with your employer, bank, financial advisor, insurance agent, credit providers and more. 

The Key To Financial Planning Before Getting Married: Talk About Debt

If you have debt going into your marriage, it will impact your spouse. Our advisors can help you come up with a financial plan to work together to successfully eliminate debt. It's also important to start saving, even if you have debt. You don't have to start big, but get in the habit of saving every month. Build up an emergency reserve in your Savings, start a Roth IRA, and then open a Taxable Investment Account. You can start investments accounts with us online for as little as $1

Go Into Your Marriage With A Strong Financial Plan

A Du Charme Financial Group Financial Advisor can help you and your fiancé discuss your current finances and goals. Your advisor will work with you to come up with a holistic financial plan - you'll be working together and achieve your goals and dreams. There is no cost to meeting with our advisors and you can start investing with as little as $1! It is never too early to meet with a financial advisor. The younger you are when you start planning and saving, the easier it will be to achieve your goals and dreams!

If you would like to learn more about meeting with one of our fiduciary financial advisors to create your own personalized financial plan, read our blog on what to expect at your first meeting. Contact us when you are ready to start planning your future together!