Marriage / Partnering 101
By Synergy Capital Solutions on April 28, 2025
Marriage and partnership are times in our lives filled with happiness, joy, and love. While money may be the last thing on our minds, it is important to remember the financial implications of a relationship. Much of the financial work should ideally be done before your big day. If you do not plan to get married, you may need to take additional steps to establish your rights and protect what you build.
Talking to your partner about finances may not be as exciting as cake tasting or venue touring, but it is just as important. Working as a team to set and achieve financial goals can lead to positive outcomes. Here are some key topics to cover:
Build a Financial Plan: Identify your goals and do an honest evaluation of your saving and spending styles, along with your feelings about investments. Review each of your cash flows and debts. Knowing what you have before marriage or partnership can help you avoid surprises later. Evaluate how much is coming in and going out each month, then look at how much you have left for savings and “fun money.” Once you have built a plan, be sure to implement and monitor it.
Accounts: You may want to set up new accounts prior to getting married. This could mean a joint bank account or discussing the importance of keeping accounts separate. It is not uncommon to use a combination of both. You might use a joint account for household expenses like your mortgage and utilities while keeping separate accounts for discretionary spending or “fun money.” Each of you will also want to maintain your retirement accounts.
Budget: A discussion on budgeting is essential prior to marriage and partnership. One of you may keep a strict budget that you have followed for years, while the other may have never set a budget before. Figuring out these things upfront will help eliminate disagreements in the future. To start, answer these questions:
– What debt payments will we have?
– How do our incomes align?
– How much can we each save?
– Can we find ways to combine expenses?
– Are there any expenses that can be eliminated?
– What are our long and short-term goals?
Additional Considerations: You may also want to consider a prenuptial agreement, updating wills/trusts, reviewing tax filing
options, life insurance, and employee benefits. There is no one way to handle finances, so find a system that works for you. Starting your marriage or partnership with open communication will help you face future challenges better.
Need help to get started? We are here for you. Email us at Hello@SynergyCapitalSolutions.com to start the conversation.
