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Marriage Tax Penalty. The couple's income is combined as though it is earned by one person after they get married. So if you are earning less than your fiance's now, be prepared to fall under his or her tax bracket after the wedding. Yes, it is cheaper to stay single. That is why you need to discuss this together so that you can plan it out carefully. The good news is, marriage tax penalty fill gradually be passed out as the years go by.
Household finances. Who will pay for the utility bills? Is it better to joint credit card accounts? Do you need to maintain a shared bank account? What is the share of each spouse to the budget? How much from your income will go to savings? How much debts you both have? How will you pay for them? Before tying a knot, sit down and discuss these issues.
Financial goals. Setting financial goals as a couple early will put your financial plans into right perspective. Set short-term goal like buying a house and college education, and long-term goal such as when and where you want to retire. Consider the option of consolidating your finances. If it works for both of you, go for it.
Safety net. Health, life, and disability insurance: there are some types of insurance you can consider. You may already have these insurance but it is worth to review what coverage you need to cover joint responsibilities.
Finally, why not hire a financial planner? Financial marriage planning can be done objectively and effectively if there's an expert sitting with you throughout the process. Financial experts will be able to assess your financial standing and will be able to give realistic goals based on the data you provide. Fees for financial planners vary from firm to firm. To give you an idea, a Certified Financial Planner charges an average fee of $100 per hour; $300 for a plan that covers a specific area; like retirement planning; $700 for a comprehensive financial plan.
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