Why You Should See A Financial Advisor Before Marriage

Financial Advisor Before Marriage

By K. Bridget Schneider, CFP®, CRPC®

Financial Advisor before Marriage

It would be a good thing if every couple embarking upon marriage or a similar long-term commitment would take time to discuss their financial habits and expectations with each other.  Especially since financial troubles are a leading cause of divorce.  But those topics can be difficult to bring up when you are riding the wave of love.  Seeing a financial advisor before marriage may help facilitate those tough discussions.

Premarital property

Prior to marriage, each person should disclose their financial picture including income, assets, and liabilities.  Let’s say there is a piece of furniture that you inherited from a family member and it holds historical and sentimental value to your family.  It might be important that this item remains in the family.  Identifying items or assets and agreeing on their disposition in case of divorce or death will go a long way toward avoiding problems in the future.

Spender or Saver

Couples need to talk to each other about their spending habits. If one is very frugal and the other loves to spend, problems will usually develop.  Conflict can occur even when a couple’s financial situation is secure.  Being on the same page is crucial whether you are maintaining a budget or considering purchases of any size during the marriage.  It is helpful to mutually agree on a spending plan as well as how to finance significant purchases.

As part of your budget, you should discuss:

  • the use of cash versus credit
  • how you will save for your retirement (401(K), IRAs, etc.)
  • other savings goals like home or automobile purchases

Joint Accounts or Individual

There are pros and cons to each of these.  For example, if you decide to put your accounts into joint names, both parties have access to the accounts.  You will both be able to see where the money comes from and goes to.  But it also makes it possible for one party to withdraw funds from the joint account(s) and leave the other party penniless.  In contrast, maintaining individual accounts may help to keep assets and income separate.  But separate accounts could also lead to suspicion between the couple.  In the end, it may make sense to have both joint and individual accounts.

Payment of Bills

It’s a good idea to decide who will be responsible for paying the bills.  Even if one person will handle the bills, rather than having complete control over everything, it is advantageous to have both spouses involved in the financial decisions.  Another option is to split the responsibility.  One might pay day-to-day living expenses while the other pays set expenses such as the mortgage or automobile payments.

Estate Planning

Sometimes couples may feel they don’t have enough assets to worry about this, but estate planning encompasses much more than drawing up a will.  Couples should plan to address what will happen in the event the unthinkable happens.  Would the survivor be able to maintain their current lifestyle? What happens to the digital assets of the deceased?   There may also be issues due to a previous marriage or children from a prior relationship to consider.


I understand some couples try to avoid monetary topics before marriage, but that is a big mistake. Taking the time to understand each other’s financial personalities is an important step in building your life together.  Seeing a financial advisor before marriage and planning ways you may deal with major money issues could save your relationship.

As your friendly financial guide and ally, we can help you make sense of your financial life and help you get started on the right foot together.  For more information on financial planning, visit our website today, click here to schedule an initial meeting or call us at 217-605-8130.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual, nor intended to be a substitute for specific individualized tax or legal advice. 

Follow us on social media for more tips on financial planning.

 Facebook Connections Financial Advisors     Twitter Connections Financial Advisors     LinkedIn Connections Financial Advisors    YouTube Connections Financial Advisors

Recent Posts

Ways to Cope with a Significant Market Downturn

On March 12, 2020, the S&P 500 entered a bear market for the first time in 11 years.  And this bear market could go down as one of the most severe in history given how quickly it occurred after reaching a new high in mid-February.  But this is not the first bear market we have experienced, nor will it be the last. 

5 Ways to Keep Your Personal Data Safe

By Joe Globensky, RFC®Hopefully I don’t have to tell you how important it is to keep your personal data safe.  Whether it’s your social security or bank account numbers, information from your driver’s license, or items that can be pulled from your social...

Kiddie Roth IRA – Teach Better Money Habits

By K. Bridget Schneider, CFP®, CRPC®Do your children or grandchildren have earned income?  Opening a Kiddie Roth IRA can be a valuable tool for teaching them better money habits.  It may also be an opportunity to help them begin a powerful savings plan for...

Six Common IRA Mistakes to Avoid

Knowing the common IRA mistakes to avoid could save you thousands of dollars over your lifetime. We’ll cover 6 of the most common mistakes in this article.


Office: 217.605.8130
Toll-Free: 844.305.7670
Fax: 217.666.4188

604 N Union St Ste 1
Lincoln, IL 62656

Email Us


Sign up to receive the latest news, tips, outlooks and more: