Table of Contents

• Financial planning for marriage.

• The Marriage Financial Checklist

• Expert Interview: Brian Page

Morning, Noyackers – 

Thanks to all of you who voted on last week’s poll: What collectibles investing category most interests you?

Wine led the way, with 22.6% of you choosing it. Fine art wasn’t far behind at 18.9%. More on each soon!

Today, we’re returning to the world of personal finance with a new topic:

Financial planning for marriage.

When it comes to a long, happy, and healthy marriage, money is hugely important.

By one estimate, a lack of financial compatibility is one of the main causes in 40% of divorces. 

Here’s what I’ve got in store for you today:

• A marriage financial checklist to discuss with your partner,

• An interview with Brian Page, an expert in money management for couples,

• And, as always, links to some valuable resources for you to explore at the end.

The Marriage Financial Checklist

Every couple’s journey through marriage is unique….

So financial planning for marriage doesn’t have a one-size-fits-all solution.

But there are some key financial areas that every couple on the road to marriage should talk about – I’ve collected them in a list below. 

Print it out and cross each topic off the list as you discuss it with your partner!

PS: Marriage not on your radar right now? Make sure to save or screenshot for the future!

Financial Planning for Marriage: A Dozen Things to Discuss

• Life goals. What’s our “why”? Our reasons for saving and investing?

• Income and budgeting. How much do we earn? Do we have a long-term budget plan?

• Saving and investing. How much do we save? How much goes toward investing?

• Assets. What are we each bringing to the marriage? What do we want to buy in the future?

• Debt. What debt are we bringing into the marriage? Do we have a plan for paying it down?

• Combining finances. Do we want completely joint accounts? Or have a few separate ones?

• Insurance. Whose health insurance plan offers better family benefits?

• Wedding. How much do we want to spend on a wedding? On a honeymoon?

• Taxes. Is there any reason we’d need to file separately?

• Education savings. What is our savings plan for potential future education expenses?

• Estate planning. Is our estate plan and beneficiary list up to date?

• Career. Do we understand each other’s career goals? Will one of us stay home?

This checklist just scratches the surface of the financial areas that marriage can impact.

But it should help you start building a strong financial foundation as a couple through communication & planning.

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Expert Interview: Brian Page

To better understand financial planning for marriage, our team sat down with Brian Page, an expert in the field of money management for couples.

Brian is the CEO and founder of Modern Husbands, a community dedicated to helping couples manage money as a team. 

He’s been active in financial education for nearly two decades, having served as a working group member on the President's Advisory Council on Financial Capability and a visiting scholar with the Consumer Financial Protection Bureau. 

Modern Husbands offers a free bimonthly newsletter with tons of practical tips and resources like the Marriage Toolkit combining insights from 40+ experts. Check them out, and read our interview with Brian below!

What are some areas of financial preparation for marriage that individuals tend to overlook?

Deciding whether to merge finances completely, keep everything separate, or have a hybrid system can be a complex decision. However, the research is clear in this area.

Dr. Jenny Olson of Indiana University and a Modern Husbands Advisory Board member found that for first-time engaged and married couples, merging their finances entirely actually causes happiness over time.

This isn't always the case. The research contains outliers, particularly those who are financial opposites. In this case, a hybrid system can be more appropriate. 

What are some of the most common areas of financial frustration for newly married couples?

Many couples enter marriage with individual debts such as student loans, credit cards, or personal loans. Figuring out how to manage these debts together can be challenging, primarily if significant differences exist in the amounts owed or attitudes toward debt.

Many couples struggle with how to talk about money. Money discussions can bring up more profound issues of control, trust, and security. Establishing a routine and open communication about finances is crucial but challenging.

What role does communication play in navigating married finances, and do couples from different backgrounds face bigger hurdles?

One of our advisory board members, Dr. Streib of Duke University, found in her research of cross-class marriages that these couples commonly face challenges around their relationship with money.

As Dr. Streib shared on a past Modern Husbands Podcast episode, spouses from blue-collar backgrounds tend to want to spend more and talk about money less. In contrast, spouses from wealthy families are often more strategic and engaging in money conversations.

Dr. Streib stressed that these differences, if managed through regular communication and mutual respect, are often seen as endearing qualities. A saver who is always looking forward enjoys a counterpart who is more likely to live and spend in the moment and vice versa.

What advice would you have for individuals stressed about affording weddings, which can often get expensive?

Multiple studies have found that marriage duration is not increased by wedding expenses, and some findings indicate that the more you spend on your wedding, the more likely you are to divorce. Similar findings have been made regarding engagement rings.

What's the lesson? You're putting your marriage at greater risk by spending more than you can afford for your wedding or engagement ring.

Final Thoughts

Marriage is a beautiful journey, but it also requires careful financial planning and open communication. By starting with this checklist and taking the time to align your financial goals, you and your partner will be better prepared to build a strong financial foundation for your future together.

Have a question about financial planning for marriage? Drop us a message, and we’ll feature some of your questions in our next edition!

📺 WHAT WE'RE WATCHING

This short video from TED offers some advice on discussing money as a couple for individuals who may feel uncomfortable talking about finances. Behavioral scientist Wendy De La Rosa looks at some of the myths surrounding couples’ finances and how to start the conversation.

TED: The money talk that every couple needs to have | Your Money and Your Mind

👂 WHAT WE’RE LISTENING TO

In this podcast from investment platform Plenty, host Emily Luk interviews Dr. Megan McCoy, a professor at Kansas State University and Certified Financial Therapist. The conversation explores strategies for couples navigating financial conversations, the importance of goal-setting, and balancing money & mental health.

Love & other assets: Navigating financial conversations together featuring Dr. Megan McCoy

📖 WHAT WE’RE READING

This article from Fidelity offers some valuable information for newlywed couples, including key statistics on communication & financial success, an infographic on starting a life together, and resources for building an estate plan. 

Fidelity Viewpoints: 5 financial tips for newlyweds

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