The Marriage Money Checklist

Whether you are about to get married, have been married for a while, or are in a committed relationship, check out this checklist for a financially healthy relationship…

1. Sorting Bill Payments

First things first. How are you going to pay bills? Is a joint account your best bet, or are individual accounts better for your situation? It's not just about 'what's mine is yours'; it's about what's practical. It really depends on the individual, so talk openly about how you'll divide expenses and manage funds, whether equally or proportionally to your earnings.

2. Spill the Financial Beans

Transparency is key. Know each other's earnings and assets. It’s essential to have honest conversations about where you are both at with your finances. It’s nearly impossible to have two people with entirely equal incomes. So chat about it. Talk about how you are going to work as a team. This will enable you to support each other and plan for the future without unpleasant surprises.

3. The Debt Strategy

First of all, find out if either of you are bringing debt into the relationship. If that’s a yes, it's time for a game plan. Decide who pays what and how much. Make sure you’re comfortable. Some people might not want to pay for their spouse's debt, and some might be fine with helping out. It’s all about what you feel comfortable with. So talk about it, make a plan and build a future unburdened by past financial commitments.

4. Wills (it’s not morbid; it’s responsible)

When your marital status changes, any previous wills become null and void. So once you’ve tied the knot, it’s time to clean up any loose ends. Update your will, or if you're a will newbie, get one sorted. This ensures your assets are distributed according to your wishes, offering peace of mind to both parties.

The writing of a Will involves the referral to a service that is separate and distinct from those offered by St. James's Place. Wills are not regulated by the Financial Conduct Authority.

5. Married Tax Benefits

Marriage has its tax perks. From capital gains advantages to potential inheritance tax savings, there's money to be saved if you know where to look. When you get married, make sure to clue yourselves up on what tax benefits you have and how to access them. If you want some advice, get in touch, and I’ll help you through any questions you might have.

The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances.

6. Regular 'Money Dates'

Relationships thrive on communication, and financial talks shouldn't be an exception. So make it a money date. Schedule a specific time per month when you sit down and talk about money. You can look at your financial standing, upcoming expenses, and savings goals, then you can make a plan for your future together.