Getting married is an exciting time. It can also be challenging as you navigate financial discussions with your spouse or spouse-to-be. This checklist is intended to help guide your financial discussions and help you outline your personal to-do list.

7 Financial Considerations for Newlyweds

1. Consider a prenuptial agreement. A prenuptial agreement can help protect your existing assets and can determine how to handle existing debts. Deciding whether a prenuptial agreement is needed is a personal decision that should be discussed with your partner and an attorney months before your wedding.
2. Change your beneficiaries. One of the first things to do after getting married is to review and update beneficiaries on your retirement accounts and insurance policies. Beneficiary designations ensure that your assets are distributed according to your wishes at death.
3. Make or update a will. If you have an existing will, you should update it. If you have yet to have a will drafted, you should plan to get this done sooner rather than later. When meeting with an estate planning attorney, you may also want to consider having a living trust drafted.
4. Review your property and casualty insurance coverage. As you combine assets, it’s important to review your insurance coverages with your agent to ensure that you are adequately protected. If different companies insure you and your spouse, you may have to decide which insurance company to keep your policies with.
5. Managing finances. Decide how you want to handle your cash flows. Determine whether you want to keep your individual accounts or open a joint account.
6. Calculate your joint net worth. Listing your assets and liabilities to develop a net worth statement can be a powerful financial tool. Understanding your current joint net worth provides you with a starting point to outline your financial goals.
7. Discuss your financial goals. It is important to consider your goals as a couple. Do you want to pay down debt or build savings? How much are you saving for retirement? Sharing your financial goals will set the framework for your financial life together. Setting goals and reevaluating them periodically can help you determine progress and next steps you should take together.

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