Marriage is an exciting milestone but it’s so much more than saying “I do.” It’s the merging of two lives, and often, two financial worlds. From saving and spending to setting goals and planning for the future, every couple handles money a little differently. There’s no one-size-fits-all approach, but what matters most is creating a system that works for both of you. Whether you’re newly engaged or just starting married life, here are a few financial conversation suggestions to help you build a strong foundation together.

1. Start with Open Money Conversations

Do you know your partner’s financial values, spending habits, and past experiences with money? If not, now’s the time to talk about it and if it’s been a while since your last conversation, consider setting up a recurring “money date” to check in regularly. Your views on money don’t have to match perfectly, but understanding where each other is coming from can make decision-making much smoother. Open conversations about money help build trust, reduce stress, and help prevent future conflicts.

Questions to start the conversation:

• How do we each define financial security?
• What are our biggest money stressors or triggers?
• Which goals matter most to us right now and which are long-term?

2. Merging (or Not Merging) Finances

One of the biggest financial decisions couples face after getting married is whether (and how) to merge their money. Do you want to combine everything, keep accounts separate, or find a balance between the two? There’s no single “right” way to handle it, but having a clear plan that reflects both of your comfort levels and priorities is key.

Here's a quick breakdown of the common approaches couples use with some benefits and trade-offs to think about.

A. Fully joint finances: Everything is combined into shared accounts.

Potential Pros:

• Simplifies bill paying and budgeting.
• Encourages transparency and teamwork.
• Easier to track shared goals like saving for a home or vacation.

Potential Cons:

• Can feel restrictive if one partner values financial independence.
• Spending differences may cause tension.
• Harder to maintain privacy or personal financial freedom.

B. Fully separate finances: You split bills but keep personal finances individual.

Potential Pros:

• Maintains individual financial independence.
• Reduces potential conflict over discretionary spending.
• Easier if partners have very different incomes or debt situations.

Potential Cons:

• Can make long-term planning more complicated.
• Might unintentionally create a “mine vs. yours” mindset.
• Harder to manage shared financial goals like buying a home.

C. Hybrid finances: You share one joint account for household expenses and maintain separate ones for personal spending.

Potential Pros:

• Balances teamwork and independence.
• Allows for shared accountability on joint goals while maintaining personal flexibility.
• Works well for couples with unequal incomes or spending styles.

Potential Cons:

• Requires clear communication about what’s “shared” vs. “personal.”
• Can involve more logistical setup and tracking.
• Potential for misunderstandings if expectations aren’t discussed openly.

3. Budgeting as a Team

Once you’ve decided how to manage your money as a couple, the next step is creating a shared budget. Everyone has different comfort levels when it comes to spending and saving, so it’s important to talk through what feels fair and realistic for both of you. Aligning on expectations early can help prevent stress later and make it easier to work toward shared goals.

Try setting aside time to build a simple budget together that outlines your income, bills, savings targets, and “fun money.” Spreadsheets or budgeting apps can make this easier, but what matters most is that you both understand and agree on the plan.

4. Health & Insurance Decisions

If you and your partner are both covered through work, take time to compare your health insurance options to see which plan offers the best coverage and value for your household. Review premiums, deductibles, and out-of-pocket limits. Since marriage is a qualifying life event, you don’t have to wait until open enrollment to make updates.

This is also a great time to review your life and disability insurance needs. If you now rely on each other financially, the right coverage can help protect both of you if something unexpected happens.

5. Reviewing Debts and Credit

Are either of you bringing debt into the marriage, like student loans, credit cards, or car payments? It’s natural for one partner to have more than the other, but the key is transparency. Talk openly about what each of you owes and decide together whether certain debts will be handled individually or as a team. From there, make a plan for repayment and keep an eye on your credit scores. Building and maintaining strong credit as a couple can open doors for future goals, like buying a home or financing a major purchase.

6. Setting Joint and Individual Goals

Once you’ve covered your day-to-day finances, it’s time to think about your bigger picture goals, both together and individually. Many couples focus on shared goals like buying a home, planning a trip, or starting a family, but it’s just as important to have personal goals that keep you motivated and fulfilled. Revisit your goals regularly during your money check-ins, since priorities (and timelines) can shift over time. Staying flexible helps ensure your financial plan continues to support both of you as life evolves.

7. Update Beneficiaries and Estate Basics

When’s the last time you checked your beneficiary designations? Marriage is a perfect reminder to review them but it’s also one of those easy-to-forget tasks. Take time to update beneficiaries on your retirement accounts, life insurance policies, and any other key financial documents to ensure they reflect your current wishes.

While you’re at it, consider creating or updating your will and power of attorney documents. Planning ahead helps streamline future decisions and provides clarity and protection in unforeseen situations.

Build Your Financial Partnership Intentionally

Marriage is one of life’s biggest milestones and your financial partnership deserves the same care and attention as every other part of your relationship. Taking time now to align your goals, habits, and priorities can lay the groundwork for clear communication and thoughtful financial decisions. And if you’re not sure where to start, a financial advisor can help you create a plan that fits your unique situation and supports the future you’re building as a team.

This material is being provided for informational or educational purposes only. Those seeking information regarding their particular investment needs should contact a financial professional. The opinions expressed were current as of the date of posting but are subject to change without notice due to market, political, or economic conditions.