Getting married is a huge decision.
And it comes with a financial to-do list that’s arguably more important than choosing a venue or a cake.
Here are three financial steps to take before your wedding:
First, share your income, spending habits, savings, and any debts, like student loans or credit cards.
Remember, your partner’s debt can become yours after marriage.
Next, decide if you’ll combine all your accounts, keep everything separate, or land somewhere in between.
Finally, discuss your financial goals.
Make lists of your short, medium, and long-term dreams and find common ground.
After you’re married, here are three more actions:
One: Update your employer benefits, like health insurance, usually required within 30 days of getting married.
Two: Review and possibly change the beneficiaries on checking, savings, and investment accounts as well as your retirement plans and insurance policies.
And three: Update your tax withholding to reflect your new status.
Honest conversations and careful planning can help you build a financial foundation as strong as your relationship.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson, and Hawes Dickerson. Members SIPC.
