Putting a Ring on Your Finances

Getting married? How exciting! This is such a fun and enjoyable time in your life, but it also comes with a lot of changes and decisions that go beyond choosing a venue and a caterer. One of the biggest transitions you’ll make as a newlywed is combining your financial lives. While it may not be the most glamorous part of wedding planning, it’s one of the most important.

Here’s a practical guide to help you and your spouse align your finances and start your life together on a strong financial footing.

Beneficiaries

Now that you’re legally bound, it’s time to make sure your financial accounts reflect that.

Retirement accounts:

Update your 401(k), 403(b), 457(a), and IRAs to list your spouse as the primary beneficiary. Most plans default to your spouse, but it’s best to confirm.
Bank and brokerage accounts:

Consider adding a transfer-on-death (TOD) designation. This ensures that assets transfer directly to your spouse without going through probate.
Health Savings Accounts (HSAs):

Don’t forget to add your spouse as the beneficiary here too.
Life Insurance Policies:

Whether it’s through work or a private insurer, updating your beneficiary ensures your spouse will be financially protected in the event of your death.

Estate Plan

Marriage is the perfect time to either create or update your estate planning documents.

Already have an estate plan?

Make sure to update your spouse as the primary agent and executor.
Don’t have one?

Now is the time to get one in place. The essential documents include:
- Wills
- Health Care Power of Attorney’s
- Financial Power of Attorney’s
- Living Wills

This ensures your spouse can make decisions for you if you’re unable to and helps avoid unnecessary legal complications.

Insurance Policies

Combining your lives might mean combining your coverage too.

Health Insurance:

Compare both employer-sponsored plans to see which offers better coverage and costs. If you choose to switch, you have a 30-day window after the marriage to enroll in your spouse’s plan. Miss that? You’ll have to wait for open enrollment.
Auto, Home & Umbrella Insurance:

Bundling these policies can lead to significant savings. Call your insurers and see what combining policies looks like. If you’re mid-policy, many companies will prorate and refund the unused premium.

Joint Accounts & Budgeting

Now’s the time to talk about how you’ll manage your money together.

Do you want to merge everything, keep things separate, or use a hybrid approach?
Many couples find success with a joint account for shared expenses (like rent, groceries, and utilities), while keeping separate accounts for personal spending.
Set a monthly budget together. This creates transparency and helps avoid money misunderstandings.

Tax Withholdings

Marriage changes your tax picture—literally.

You can choose to file Married Filing Jointly (MFJ) as soon as you’re married, even if that’s on December 31st.
This will likely shift you into a new tax bracket and impact your paycheck withholdings. Adjust your W-4 form at work as soon as possible to reflect your new filing status.

Savings & Goals

This is where the magic of financial planning comes in—dreaming together and building a future.

Talk about both short-term and long-term goals:
- When do you want to buy a house?
- Do you plan to start a family?
- Are there student loans or credit card debts to pay off?

Examples:

Buying a Home? Open a joint savings account and contribute monthly.
Thinking about kids? Explore college savings options like a 529 plan (check out a previous blog How Should I Save for College?)

Conclusion

Merging finances may feel overwhelming at first, but it’s one of the most powerful steps you can take to build a secure and united future. Start the conversation early, be open and honest, and seek professional advice when needed.

After all, what’s more romantic than building a life—and a legacy—together?

If you have questions and would like to talk with us further, please call us at 513-271-6777. For more THOR reading, click here to go to the Blogs and Market Updates section on our website. Follow us on social media: