Many couples wait to visit a financial advisor until after the wedding.
In many cases, they had too much on their minds already with planning a wedding and honeymoon. However, many newlyweds believe that until they tie the knot, they have nothing of substance to discuss regarding their finances.
But they couldn’t be more wrong.
In fact, Certified Financial Planners™ (CFP) strongly recommend that couples seek wealth management advice long before they walk down the aisle.
How Does Getting Married Affect Financial Planning Strategies?
Today, couples are getting married later in life, often well after they have established a career and assets — not to mention debt. This means that each partner will bring assets and liabilities to the mix.
When you get married, your monetary needs and goals change. You will have to decide how to handle existing debts and consider whether (and to what extent) you want to combine your financial assets and instruments.
At this early stage of your relationship, these topics may not seem important. In fact, you may not be totally comfortable discussing them yet with your future mate. But as a financial planner will tell you, this is exactly when you should address them. If you wait, conflicts and unexpected surprises could cast a shadow on your happiness.
When Should You & Your Betrothed Meet with a Financial Advisor?
Ideally, you both should talk with your financial advisor when you first make the decision to forge a life and future together. You should also consider seeing a financial planner if you move in together, even if you don’t plan to get married right away.
If this aggressive timeline sounds reactionary, consider this: Years of research prove that financial issues are the primary source of marital conflict. So the sooner you can get a financial plan worked out, the less the chances that this important topic will cause strife.
And if you would like to save money to finance your wedding or honeymoon, or if you’d like to buy a home together sooner rather than later, your CFP® can help you achieve these important life goals.
What Should You Discuss with Your Financial Advisor?
Before you meet with a CFP®, take a little time to reflect and write down your questions and concerns. Your financial advisor will review your profile, so you should also gather retirement account and stock portfolio statements and other records that document your assets before your appointment.
Some important topics to cover are the implications of merging finances and how you plan to handle the assets and liabilities that each of you brings to the marriage. Your CFP will help you establish a financial plan for your future together, to help you accomplish goals such as saving for retirement and starting a college fund for your children.
Your financial advisor can also assist you with estate planning (it’s never too early) and help you evaluate your need for insurance, wealth transfer, etc.
The personal wealth management specialists at Divergent Wealth Advisors understand how important it is to get your relationship off on the right financial footing. We strive to make financial planning as simple and hassle-free as possible while helping to ensure you achieve all your life goals. Contact us today to schedule a consultation with a financial advisor.
DISCLAIMER: It is important to note that this information is not meant to provide investment, tax, legal or accounting advice. This material is for informational purposes only, and is not intended to provide, and should not be relied on for, investment, tax, legal or accounting advice. You should always consult your own financial planning, tax, legal and accounting advisors before engaging in any transaction.
Approved by Rick Collins, Divergent Wealth Advisors LLC, Chief Compliance Officer 3/28/2018