Although marriage is indeed a union, it doesn’t mean your finances automatically mesh together. That’s why it’s important for couples to have the right financial discussions before getting married. By aligning your financial goals and needs, you can not only ensure greater financial success together, but a greater relationship as a whole after tying the knot.
Here some financial discussions to have before marriage:
What are your long-term financial goals?
Although couples don’t need to be on the same page for every single issue under the sun, it’s important that you align your long-term financial goals. For instance, it’s a very smart move to combine your retirement goals so you can both start working towards them together as soon as possible. This is one of the most important financial discussions to have before marriage because it will ensure you’re both working towards the same financial roadmap.
How will you combine bank accounts?
Another surprise for many couples is that bank accounts aren’t automatically combined after marriage. Of course, every relationship is unique, so there isn’t a one-size-fits-all formula for this. What every relationship should have, however, is complete financial transparency. At LexION Capital, we never stand for one-sided knowledge or control of finances in a relationship.
So no matter how your accounts are combined, you should devise a system where there is financial openness. For instance, many couples are happy with separate accounts for day-to-day purchases, where they’ll discuss any purchases over $100.
Want to learn more about combining finances after marriage?
At LexION Capital, we can help you reach your new financial goals and needs after marriage. As a client you’ll benefit from a unique investment portfolio that meets your changing financial objectives. To get started, contact us today to have a conversation with one of our fiduciary advisors.