Complimentary Story
Summer 2025Summer in Wisconsin is a busy time for weddings! And while they’re full of excitement, it’s just as important to plan for what comes after the big day. From prenups to estate planning to setting shared financial goals, below I outline some tips for how to cover your bases and build a secure future together.
1). Consider a Prenuptial Agreement
Talking about prenups isn’t exactly romantic, but it is smart. A prenuptial agreement is a legal document you sign before getting married that outlines how assets and finances would be handled if the marriage ends in divorce or death. While they’ve gotten a reputation for being just for the ultra-wealthy, prenups are actually useful for couples at any income level.
Maybe one of you owns a business, has inherited property, or just wants to make sure everyone’s on the same page about money. A prenup can help protect what’s yours, define financial responsibilities, and avoid messy conflicts later on. For the prenup to be legally binding, both partners need to sign it willingly with full financial transparency. It’s also a good idea for each of you to have your own lawyer review it to make sure it’s fair.
2). Figure Out Shared Property Ownership
Once you’re married, combining finances and buying property might be part of your next chapter. But before opening joint accounts or putting both names on the house, it’s worth understanding how ownership works.
• “Joint Tenancy with Right of Survivorship” means if one of you passes away, the other automatically inherits the property.
• “Tenants in Common” lets each of you own a specific share, which can be left to someone else.
• In some states, “Community Property” laws mean anything earned during the marriage is split 50/50 by default.
Couples should discuss how they wish to handle property ownership and whether to maintain separate accounts for individual expenses. Joint accounts can simplify bill payments and budgeting, but separate accounts may be preferred for personal spending or if each spouse wants to maintain financial independence.
3). Start Estate Planning Now
While you’re sorting out accounts and property titles, it’s also a good time to get your estate planning in order! No, estate planning is not just for retirees; it is important to revisit estate planning after big events, like marriage. Some key estate planning topics for newlyweds may include:
• Creating or updating wills to outline how assets should be distributed and appointing guardians for any future children.
• Designating beneficiaries on retirement accounts, life insurance policies, and investment accounts.
• Assigning someone (usually the spouse) as a power of attorney to make financial and medical decisions if either partner becomes incapacitated.
• In some cases, including if you have more complex assets or goals, a trust can help manage assets more efficiently and avoid probate.
And don’t forget to revisit these documents after other big events, like buying a house or having kids.
4). Start Building a Financial Future Together
Money isn’t always an easy topic, but getting on the same page early can set you up for success as you begin saving for those bigger purchases and even retirement. Start by taking a financial inventory. List out your assets, debts, income, and expenses. Then, talk through your money habits. Are you a saver, a spender, or somewhere in between? Having an honest conversation now can help you avoid stress later.
Once you have a clear picture about financial habits, set some shared goals. Short-term goals might include saving for a honeymoon, paying off credit card debt, or creating an emergency fund. Long-term goals could be buying a home, investing for retirement, or saving for future kids’ education. Tools like budgeting apps can help you track spending, set limits, and keep both partners in the loop.
It’s also a good idea to be strategic about joint accounts. Many couples open a joint checking account for shared expenses like rent and groceries but keep separate accounts for personal spending. A high-yield savings account can help grow your joint savings faster. And when it comes to debt—whether student loans or credit cards—make a plan together. You might consider refinancing or consolidating to make repayment easier.
Finally, start investing for the future. Contribute to retirement accounts like 401(k)s and IRAs, and if both spouses work, coordinate strategies to maximize employer matches and tax benefits. And if this all feels overwhelming? A financial or legal advisor (or even a marriage counselor with financial expertise) can help you create a plan that works for both of you.
Marriage is about love, partnership, and building a life together, and that includes the legal and financial aspects of life. While it might not be the most glamorous part of wedding planning, tackling these topics early shows real commitment to your future. Think of it as one more way to say, “I do.”
McLario.com
