WHAT SHOULD I PLAN FOR FINANCIALLY AS I'M GETTING MARRIED?

You’re blissfully in love, but before you say “I do”, you should spend some time together discussing how you each use and view money and what your financial goals are. With conflict about money cited as one of the major factors leading to divorce, you and your fiancée should be planning your financial strategy long before your ceremony. Many experts recommend newlyweds not merge all their money from the start. Instead, merge it slowly over time as your trust and knowledge of your partner increases. 
 
Get to Know Your Financial Partner

Divide financial tasks so both of you are clear on who’s doing what, but keep each other informed of what is going on. Olivia Mellan, a Washington D.C. psychotherapist specializing in money conflict resolution, says that 80% of the time, women pay the bills and handle the budgeting, while only 12% of women are involved in investment and tax planning.  It’s important to trade responsibilities regularly, or at least give each other frequent updates, so that each of you understands the “other side.”  Work on making your financial decisions together. It’s never too early to begin saving for retirement.  Discuss your retirement dreams and financial expectations. Develop common goals and timelines, so that you can begin to invest appropriately.

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Name Changes and Asset Titling

Be sure that you both maintain credit in your own names.  Having your own line of credit is particularly important if you decide to start your own business or if you become widowed or divorced.  Don’t forget to update your beneficiary designations on insurance policies and retirement accounts.  If you’re changing your name, be sure to file the change with the Social Security Administration and Department of Motor Vehicles.  Also notify your bank and creditors. 

Considering a Pre-Nuptial Agreement?

Having a pre-nuptial agreement isn’t setting your marriage up for failure. Experts recommend a pre-nuptial agreement be considered if one or both of you:

• Have been married before or if there are children from a previous marriage involved
  
• Have substantial assets such as a home, stocks, or a retirement fund acquired before marriage
  
• Own a business
  
• Anticipate receiving an inheritance
  
• Is significantly wealthier than the other

Even if you’ve already married, it’s still not too late to sign a pre-nuptial agreement. You simply need to be able to prove what each spouse brought to the marriage. Remember to keep any agreement you sign up to date as circumstances change. If a pre-nuptial agreement is not for you, see if changes in your estate plan can accomplish many of the same goals.

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