It is finally happening! You said YES. RSVPs confirmed. Chapel booked. Bridesmaids are in formation and your dress is hot off Kleinfelds’ rack.  So, what happens two weeks after you arrive home from your honeymoon? For some new brides you may have already started changing or hyphenating your name. For others you may be maintaining your identity. Either way, you should start the process of understanding the state of your finances as a couple. 

You may be thinking, “Great, but where do I start?”  Well grab your spouse and start at the beginning…

1.    Exchange credit reports. If you haven’t done so already, it is a great starting point to understand how you have been managing credit solo.

2.    Review pay stubs and deductions. You should know how much income is coming in the home, the sources of the income and update deductions based on your new union, if necessary.

3.    Make a list of all assets and review current statements, titles and deeds. Next to each asset, write the estimated value, names of all owners and named beneficiaries. This will help you in determining whether you need to make any updates.

4.    Make a list of all debt owed. This will help you in developing a plan to pay down your debt and/or to put a plan in place to pay off your debt in case of death or disability of the breadwinner. Yes, this is where reality begins to set in.

5.    Create a document locator. Make a list of your important documents and where each is located.

6.    Make a list of family members, friends and advisors. Your list should include addresses, telephone numbers, and email addresses. It is important to keep this information handy.

7.    Meet the advisors. You may have been receiving advice from a CPA, Financial Advisor, Accountant and/or Attorney prior to marriage. Decide who will continue on. Interview new advisors if necessary.

8.    Decide who will be the CEO of your family’s wealth: Decide who is best suited for managing the finances but don’t handicap your spouse. Either party should be prepared to step in. After all, managing a family is like running a business.

9.    Establish a family mission statement and set goals. I know you probably want to add more pages to your story than just “they lived happy ever after. THE END.” Having a statement that defines who you are as a family and where you are going will help keep you stay on track.

10.   Update your Estate Plans. Your marriage does not automatically give you or your spouse the right to act on each other’s behalf. You have to give your spouse the authority to act and vice versa.

Lastly, enjoy your new union as you work together to build your family wealth!