All couples, no matter the stage their relationship is in, can benefit from knowing and applying fundamental finance rules. Review these basic concepts and use them – you'll help keep your marriage free of finance-related conflicts and enjoy your life together.

Be Honest About Your Finances

Be sure that both you and your spouse reveal your complete financial situations to each other. Even if you keep separate banking and credit card accounts, know and understand your collective finances. Share, and don't avoid, talking about your debts. There's always the practical need to share this information, if you need quick access in an emergency.

Prepare a Budget

Take stock of your monthly income and expenses for at least a month. Prepare a budget once you have a good picture of the resources and responsibilities you're dealing with. Cover fixed costs such as your mortgage, optional items such as clothing and emergency savings.

Plan for the Future

Even though you can't predict every twist and turn your life will take, it never hurts to loot at your long-term financial obligations and goals and make a plan. Retirement and family expenses such as your children's education are the main budget items.

Plan and Protect Yourself From the Worst

Your advance preparation if tragedy or disaster strikes your family is worth the effort and expense. Take out the insurance you need, such as life, disability and property insurance. Make sure you have the legal tools or documents you may need such as powers of attorney so you have the power to act for one another if one of you lacks the capacity to do so. Finally, make sure there's an emergency fund to get you through a crisis. 

Create an Estate Plan

Each of you should have a will and other estate planning documents in place so your plan for yourself, your property and your family is carried out should either of you die. Review your plan on a regular basis, and update it as needed.

Let Your Lawyer Help

It's important that you both get advice from trustworthy professionals, including attorneys, who can help with all aspects of getting you and your spouse on a solid financial footing. Your attorney can advise you on the legal options for putting your plan in effect and prepare the documents you need.

Remember that a sound financial house and marriage isn't built in a day. Work on one area at a time, and you're making progress. Then you and your spouse or partner can take pride and comfort in the sound and secure life you've built.

Questions for Your Attorney

  • I want certain life insurance policies to provide for my children from a prior marriage, so can my new spouse challenge the beneficiary choice?
  • If a couple does have separate and marital property, can one insurance policy cover both groups of property?
  • Do pre- and post- marital agreements have the same legal force? Is it easier to show a post-marital agreement resulted from pressure and duress?