Choosing to get married is one of the biggest decisions you will ever make. However, it’s important to consider your financial situation before you get married to ensure you and your partner are on the same page. As you start preparing to get married, here are 5 crucial financial moves you should make:

Understand each other’s current financial situation

Before getting married, it is crucial to understand the current financial situation of your partner. Similarly, your partner should know yours too. Some of the things you should know about each other’s current financial situation include:

  • Current income
  • Existing debts
  • Total assets
  • Opinions about utilizing credit cards

By having an understanding of each other’s financial situation you can be fully aware of any financial challenges you and your partner may face. 

Go for a prenuptial agreement

When individuals get married they never intend to get divorced. But sometimes things happen, problems arise and divorce may become necessary. This is why it is always best to consider having a prenuptial agreement before getting married. A prenup is a written agreement about how properties and earnings will be shared after a divorce. It can prevent your divorce from becoming even messier. If you and your partner are considering having a prenup you should always consult a financial advisor.

Consider a joint budget for the wedding

Many individuals start having financial issues before their marriage even begins. In fact, many couples get into disagreements during wedding planning and coming up with an appropriate budget. So, if you plan to have a wedding ceremony, you should have a joint budget for it. In other words, both parties should contribute to the ceremony. Additionally, you should be mindful of how much you spend on the ceremony by making sure you don’t go over your agreed-upon budget.

Have a money management style

In a marriage, one person is usually better at managing the finances than the other. However, you shouldn’t assume the better money manager. Both of you should discuss the issue and consider past experiences when establishing your money management style. Regardless of which person chooses to manage the finances, the other person should still be informed about the situation. In other words, you should plan to have regular discussions about your finances. This ensures that you have open communication and transparency with one another.

Consult a tax professional to discuss your tax differences

By filing your taxes together you can improve your finances. However, you need to be careful as taxes can be quite complicated. Given this, you should consult a tax professional to discuss the differences in your taxes. 


It’s always good to be well informed about your partner’s financial situation before you get married. If you and your partner want to know more about financial literacy, talk to a financial advisor today for expert advice!