Planning Your Life Changes: Marriage

Getting married isn’t just a big life change for you, but also for your spouse, and it tends to bring on shared financial responsibility that concerns the both of you. Planning for a big life change like marriage isn’t just about the wedding reception or your honeymoon; it’s a time to rethink and plan out your financial future as a couple, and to accommodate these new changes into your life. With your Orlando financial planner, you can get your marriage off to a strong start that leads to financial success.

Banking Accounts: Will you be opening up a joint bank account for the both of you? Are you considering keeping your bank accounts separate simply because it’s easier to manage individually? It’s important to discuss these options with your spouse and your Orlando financial planner in case there are benefits to either that could support your decisions.

Budgeting: One of the most important things to do even before you’re married is to list out each of your expenses and income. This gives you an idea of how much you need to save and how much you can spend from month to month.

Insurance: Whether it’s health insurance or auto insurance, check if individual plans or family plans would best benefit you. Your insurance agent can help you decide which one is cheaper and which can benefit you both. Don’t forget life insurance! It’s better to have peace of mind when you know your spouse will be cared for in the event that something may happen.

Retirement. Your Orlando financial planner can help you in your future goals to make sure you’re prepared for retirement and any other major changes that could arise in your future. Will you continue to work after retirement? What will your living arrangements be? These need to be considered so that your retirement savings are being properly managed.

Debt: Whether it’s credit card debt or student loans, debt should be discussed so you can create a plan on how to manage it going forward. Will it be handled jointly or separately? It’s best to discuss this even before you get married so that you know exactly what your financial situation will be.

At Summit Wealth Partners, we understand the steps that lead to your financial success for you and your spouse’s future. An Orlando financial planner can help you get a step ahead by helping you understand where you are, where you want to be, and the necessary steps it takes to get there. Call our trusted advisors today at 866-977-2252 to learn more about our services and to set up your free consultation.