Congratulations – you've tied the knot. These are exciting times as you embark on a new life together. Whether it’s your first time, fifth time, you’re yet to start a family, or you’re now a stepparent, your marital status brings additional financial considerations that shouldn’t be ignored.

Set yourselves up for a bright and harmonious future together with our top 10 tips to successfully combine your joint finances.

Tip 1: Review your financial goals. Have they changed, and how?

Now you’re married, there’s another person to think about in your life. What is it you want to achieve together? What are your hopes and dreams for the future, and how will you ensure you have the financial resources to get you both there?

It may come as a surprise, but your spouse may not have the same attitudes to money as you do. We all have different money memories from childhood, and our parents’ attitudes to money can significantly impact how we manage our finances today. Some of us are savers, other spenders, and most a combination of the two, but if you don’t set your goals and expectations with each other from the off, it could lead to tension in the future.

An Amber River financial planner can help you map out your joint finances so you can visualise and achieve your goals together.

Tip 2: Discuss the impact on children from a previous marriage or relationship

If you both have children from a previous relationship, you need to make sure they are all considered in your joint financial plans. This means conversations about school fees, trust funds, and even how you will contribute towards the spiralling costs of their weddings. You might also want to include them in your estate planning.

Some of us are savers, other spenders, and most a combination of the two

Tip 3: Be honest about any existing debt

Be open and honest with each other about the state of your finances. If one or both of you has debt, it’s best to tell the other so you can work out a way of managing it together.

It’s all too easy to overlook the odd credit card bill, car or student loan, but it will come out eventually, especially if it has an impact on your joint plans. It’s better to confess sooner rather than later, so you can create a plan to pay off the debt that isn’t going to cripple either of you financially.

Tip 4: Are you already homeowners?

You may own property independently and intend to sell in order to pool your resources to buy somewhere together. Or perhaps you’re planning on moving into your partners home and renting out your own property to generate an extra income.

However you intend to manage your existing assets, it is worth taking into account which ones are considered matrimonial assets (you jointly own) and which ones are non-matrimonial assets (you or your spouse own independently). Because even though the possibility of divorce seems remote to you right now, it’s a fact that 42% of marriages end up in divorce. And if you do divorce, you want to plan for a fair and amicable outcome for both of you.

Plan to build a decent nest egg for your children’s future

Tip 5: Make a joint will or update your existing one

As newlyweds, death won’t be a subject that’s front of mind– but ensuring your Will is updated after your wedding is essential. If you have children from a previous marriage, you may well want them to continue to be a beneficiary of your estate. But as soon as you remarry, your existing Will is revoked, which means your estate will be dealt with under intestacy rules.

Without a Will, your spouse will keep all of the assets (including property) up to £270,000 and all personal possessions regardless of their value. The remainder of your estate is split, with your spouse retaining 50% and the other half split between your children.

Tip 6: Update beneficiaries on investments and key accounts

With marriage comes a plethora of administrative tasks. Soon after tying the knot, you’ll need to notify various organisations of your new status – and these should include your pensions, savings accounts and investments. Even if a policy or account remains solely in your name, you may have cited a beneficiary initially when you first set it up. You’ll likely need to notify the financial organisation to benefit your new spouse.

Tip 7: Review your life and personal protection insurance

Now you’re married, your goals for retirement will have changed. You might want to retire earlier than you had initially intended to spend more time together, or you may need to increase your pension contributions now that there are the two of you to consider.

A financial planner will discuss your retirement plans and review your existing pension contributions alongside other investments to ensure you’re on track to achieve your goals.

A financial planner will ensure you're on track to achieve your joint goals

Tip 8: Review your joint pension contributions

Now you’re married, your goals for retirement will have changed. You might want to retire earlier than you had initially intended to spend more time together, or you may need to increase your pension contributions now that there are the two of you to consider.

A financial planner will discuss your retirement plans and review your existing pension contributions alongside other investments to ensure you’re on track to achieve your goals.

Tip 9: Planning for your future children

If you’re planning on starting a family, it’s worth thinking about what you’ll need to support your children throughout their lives – and then start planning early. If you want your children to go to private school, unless you’re lucky enough to receive a windfall, you’ll probably need to start investing early. According to the Financial Times, the average fee for independent schools is £18,505 per child per year, increasing to £36,000 if the board.

Longer-term, you may need to support them through university and afterwards enable them to take their first step on the property ladder. Setting up trust funds in the early days of your marriage will help you build a decent nest egg for your children’s future.

Tip 10: Find an independent financial planner you trust

An Amber River financial planner will take the time to get to know you and what makes you tick. They’ll ask about your current position and your dreams for the future and devise a plan that incorporates both.

Ideally, you will have a long-term and trusted partnership with your financial planner. The chemistry needs to be just right – you need someone that ‘gets you, so you can relax knowing that your financial landscape is in good hands.

Get in touch

To speak to one of our team, arrange an appointment or find out more, call 0800 915 0000, or alternatively use our contact form here.