Getting married
Congratulations! As you take this major step, work with tax advisors and financial planners to ensure you are set up to maximize your joint financial strategy and achieve your long-term goals.
Congratulations! As you take this major step, work with tax advisors and financial planners to ensure you are set up to maximize your joint financial strategy and achieve your long-term goals.
What you need to know
Key steps to consider, common mistakes, and services that can help you plan for now and for your future
1. Plan for expenses
Large upcoming expenditures such as the wedding, honeymoon, purchase of a primary residence, and legal/insurance fees may require a reallocation of cash flow or assets.
2. Decide what to merge
Whether you decide to merge finances partially, fully, or not at all, consider the legal and tax implications of your respective debts and investments, the statuses of assets in property accounts and trusts, and potentially a prenuptial agreement.
3. Plan long term
Avoid surprises by having fully transparent discussions about historical and future considerations regarding joint or separate accounts and expenses, as well as long-term financial goals and estate planning.
4. Complete to-dos
There are less exciting logistical components that simply must be done: Re-titling of accounts, credit cards, IDs, etc. for name changes, as well as securing life insurance and making changes to tax filing statuses.
Common Mistakes
-
missing tax benefitsMissing out on joint tax benefits
-
state-specific property rules
Being unaware of state-specific property considerations
What services should I consider?
Combining finances with your significant other can feel complicated, but can be extremely rewarding long-term. Work with professionals that can help guide your household to the best financial outcome for your specific life goals and milestones together.
Prepare with: Estate Planning
Prenuptial agreement
You may want to consider this if you live in a community property state and/or there’s a significant difference in income or assets between you and your spouse prior to marriage.
Then: Tax Planning
Major life events
Make changes to your tax filing status and planning strategy, based on getting married, having children, and purchasing or moving your primary residence.
Tax strategy
Make sure you’re withholding enough based on your new tax filing status, reduce your taxable income as much as possible, and maximize all potential deductions.
Next: Wealth management
Decision making
Have an objective third party help decide what makes the most financial sense in terms of lifestyle spending, saving/spending tradeoffs, and the merging of accounts.
Holistic financial strategy
Recalibrate your short- and long-term investment strategy and goals. An experienced financial adviser will have worked with many couples over time, and can flag potential issues and opportunities.
Get better advice to make the best decision for your household
Tell us about your goals and your business
We’ll recommend specialized services and advisors
Stay connected to great advice with great tech
