Before walking down the aisle, it is beneficial to work with a financial advisor who can review each of your financial situations and help you make decisions regarding how to combine your financial resources.
You may consider getting a prenuptial agreement, which can address issues such as marital and separate property, alimony payments, and dividing debts, among other topics. It may not be a romantic gesture but can save a lot of consternation if things don’t work out.
Often, marriage entails combining two salaries if there are two employed spouses. You may decide to get joint accounts or keep accounts separate. If you do create joint accounts, you may decide to have each spouse contribute to it to pay household bills.
The combined budget should be evaluated, including who will contribute to what parts of the budget, and how much they will pay, as well as identifying who will be the one actually making the monthly payments.
Other areas to be addressed are various types of insurance and risk management strategies, paying down debts, growing emergency savings, saving for goals such as a house purchase, as well as addressing estate planning and retirement plans as a couple.
A financial planner can assist you as you make this transition to becoming one household financially and legally.