Things to Consider When Getting Married

It’s important to have a conversation with your significant other about finances before walking down the aisle. How are you going to integrate your finances? What are your expenses? What type of lifestyle do you want to maintain? What are your financial goals? These are important questions to consider as you prepare to take those next steps towards marriage. Here are some key things worth discussing:

Combining Accounts

When couples start talking about marriage, one of the big decisions they have is whether they are going to combine their accounts or keep things separate. That affects many decisions moving forward. How much are you going to save for retirement? How are you going to save for retirement? Who’s paying this bill? Who’s paying that bill? Maybe you set up a discretionary account for each spouse, especially in the early stages of marriage. Talking to a financial professional will help you answer those questions and create a plan that maps out how you can best manage your financial situation.

Debts & Credit Scores

In a perfect world, we would all have perfect credit and no debt. Student loans, credit card debt, and even medical debt are becoming par for the course. With interest rates going up, it may make more sense to pay off revolving credit card debt or any other high interest rate loans before you max out your retirement account. Creating a financial plan will give you the tools to tackle those debts and help you improve your credit score, preparing you for those big financial decisions such as buying a home.

Deciding on a Budget

it’s important to have an honest conversation with your significant other about expenses and what you have available in terms of discretionary money. This goes back to creating a financial plan to help you decide where your money should go and the best way to save for an emergency fund or invest for retirement. Following a budget will help you achieve your financial and lifestyle goals as a married couple.


Married couples get a little bit of a better dig of the IRS code. It’s a good rule of thumb to understand the tax brackets and the scenarios that are around this. Once you’re married, you’ll want to take advantage of the fact that you may be eligible for some tax breaks.

Health Insurance & Health Savings Accounts

What type of health insurance plans will be available to you once you get married? Is there one plan that’s better than the other? Do you have a person that you can talk to about those benefits? You will want to know what options are available to you and that everything is covered. Keeping in mind that you have the most affordable premium as well.

Communication is Key

Communication is essential for a lot of the human elements of life. Just having those conversations at the forefront of your marriage, of a relationship, is going to be key. Working with a financial professional will help you navigate those conversations and provide you with the information you need to make a decision that works best for you.

At Financial Dynamics, we offer a suite of financial and lifestyle management services that can be customized for you whether you’re a newlywed or have been married for 50 years. Our advisory team is committed to helping you make informed decisions about your money so you can move closer to achieving your financial and lifestyle goals.

Advisory services offered through J.W. Cole Advisors, Inc. (“JWCA”). Financial Dynamics & Associates, Inc. and JWCA are unaffiliated entities.