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We're Getting Married, Now What?

We're Getting Married, Now What?

October 21, 2022
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Finances are a major consideration in any marriage partnership. In one study, 41% of respondents said that financial anxieties impact their relationships with their spouses or partners at least some of the time. A fifth of the respondents said they and their partners get into fights over finances at least once a month. When one of our existing clients let us know they were getting married, we were quick to help them with the process of merging their money so we could set the stage for a strong financial future for the couple.

The Situation: Merging Finances in Marriage

Merging two different financial situations can be a tricky task. Money is considered the top issue that couples fight about. This stigma can make it difficult to even broach the topic. However, ignoring your shared financial situation can be just as disastrous. Next to infidelity, money is the second leading cause of divorce. It's often helpful to have a financial advisor step in as an impartial third party as you're getting your finances set up for a shared life together.

We understand the finer points of financial planning and can help you pinpoint the most important topics to address. We'll help you identify the best starting point for merging your accounts and move forward with you as you work through all the essential money matters. As your financial advisor, I'm the intermediary helping couples move forward.

The Solution: Comparing Options to Find the Right Path

Working with our newlyweds, we addressed several important topics including:

  • Benefits plans through employers
  • Financial accounts
  • Listed beneficiaries
  • Tax filing

As an experienced financial advisor, we're able to answer important questions about which options are the most lucrative and where funds are slipping through the cracks. For example, many couples stay on their independent health plans out of habit, never realizing that they can save a significant amount of money each month by sharing a single health plan. Other couples might make disastrous decisions on their taxes, paying more than they need to by choosing the wrong filing status or selecting deductions that don't serve them.

The Outcome: Financial Stability from Wise Planning

We worked closely with our newlyweds and helped them answer their pressing questions, sort through their accounts, and make smart decisions to align their finances with their goals. Going forward, we will continue to work together to help them stay the course toward a healthy financial future. Couples who align their finances wisely from the beginning will likely find themselves better positioned for future steps in their shared life such as purchasing a home and having children.

If you have a pending wedding on the horizon, consider speaking with a financial advisor before your nuptials. This can help you streamline your money matters and set the stage for a successful marriage.

Dave Parkes, CFP®, RICP®

Founder

Dave works with hundreds of Bay Area dentists, physicians and their families. He has a deep understanding of the financial needs of the medical/dental practitioner. He makes planning simple and clear by coordinating both business and personal finances for his clients.

He also works with Silicon Valley executives, professionals, and their families.

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