So, you’re getting married or perhaps, like me, you’ve recently tied the knot. Firstly, congratulations… but secondly, you might now be thinking about what you should be doing financially. There are some important financial considerations after marriage, which at first may feel overwhelming. Below I have broken down these considerations and shared all the steps my wife and I have taken since we were married.
1. Set joint financial goals
To begin with, you should start talking about your finances more openly. I know some couples that have been married for over 30 years but remain unaware of what financial state each other are in. This is an incredibly inefficient way to approaching your finances. You don’t have to share everything if you don’t want to but being able to make use of each other’s finances in a pragmatic way will benefit you over the longer term. You may also enjoy working towards joint financial goals such as the honeymoon, a new house or saving for children.
2. Review your expression of wish form
Once married, it is important to review your expression of wish form for your pension. This form sets out who you would like to receive your pension on death. If it isn’t currently in your spouse, you may want to consider updating this.
