6 Financial Steps Couples Should Take Before Getting Married

Getting married is one of the most important decisions in a lifetime. Combining your finances with the person you love is another important decision, and one that couples might not give much thought to as they prepare for a wedding.

Talking about finances can even be make a partner more attractive, according to a survey by Experian Consumer Services. The 2008 recession has helped couples talk about finances, the survey found, with 61% of couples married after the recession discussing their credit scores before getting married.

But what, specifically, should couples talk about when dealing with finances before marriage? Patrick Bet-David, a financial advisor, author and CEO, suggests discussing these six issues before tying the knot:

Know both financial histories

Each person should gather all of their paperwork, statements, bills and personal financial information and really evaluate their finances so you both are on the same page, Bet-David suggests.

Do either of you have student loans or credit card debt? What kind of retirement plans or saving vehicles do you contribute to? How much are you paying for your cell phone and cable bills? Do either of you have an emergency fund? What is your general attitude about money?

Beneficiaries

Revisit all of your accounts from retirement plans and insurance policies, and update your beneficiaries where you see fit.

Insurance

Review your medical, life, and car insurance plans. You may find that combining coverage may save you money or that your plans have some overlap.

Name change when getting married

If you or your spouse is opting for a name change, it is important to notify the Social Security Administration and the DMV. You will also want to notify your financial institutions.

Joint or separate accounts — or both?

Long gone are the days when it was assumed that marriage meant newlyweds would open a joint bank account and share credit cards.

Some couples are now keeping separate accounts while others still choose the traditional route, and everything in between is a viable option.

Set a budget and financial goals

Getting married is a good time to start the invaluable practice of budgeting.

Once you have a joint budget, you can evaluate your discretionary income and determine both short-term and long-term financial goals.

More than a quarter of married couples say disagreements over finances are most likely to lead to arguments, according the American Institute of CPAs. Don’t let your marriage start off on the wrong financial foot.