As life slowly gets back to normal, we’re all looking forward to reasons to celebrate. In the coming months, an increase in weddings might be included in that list. So if you and your partner have been dreaming of when to have your big day, here are some financial conversations to consider before you walk down the aisle:
- Have a personal financial review: To plan how debts and income will be divided or combined, share with each other your personal balance sheet. Knowing this information in advance can help you avoid stressful conversations later.
- Seek professional advice: After you’ve both shared your financial information, consider meeting with a financial advisor and/or an accountant. Your tax status will change when you’re married so they’ll be able to show you how to manage this. Also, if you haven’t yet made your will and/or have designated each other as powers of attorney, consider meeting with a lawyer to set these up. This might be a morbid topic for some people, but clearly defining your final wishes and naming the person who will act on your behalf is a vital part of your financial plan. This information should be updated every five years.
- Protect what you have: Protecting and maintaining your standard of living is important at every life stage. Do you have a plan for how you’ll manage your obligations if you become ill or injured? Review your insurance coverage and consider updating it if you find gaps.