Financial Pointers for Couples Planning for Marriage

SCOTTSDALE, Ariz. - Feb. 11, 2014 - PRLog -- For most couples, planning for a wedding means finding a venue and choosing the right invitations, cake and flowers. If you're about to tie the knot, however, there is a lot more to think about than just the wedding ceremony and reception. A marriage is not only a union between two people, it is also a union of their finances. That is why it is important to take a close look at how your upcoming marriage will impact your financial circumstances. With careful planning, you can ensure that you and your spouse are on the road to financial success as soon as you say, “I do!”

Take Stock of Your Assets and Debts

You'll want to sit down with your fiancee to discuss your financial histories and take stock of your combined assets and debts. Make a list of your assets, including savings accounts, retirement plans and real property, to name just a few. Then calculate the amount of debt that each of you has amassed in mortgages, car loans, credit cards and student loans, among others. This will give you a good idea of exactly how much of your monthly budget you'll need to dedicate to paying down your debts – and of your collective financial worth.

Formulate a Budget

Once you've determined how much will be going out each month in order to pay down your debts, you'll want to formulate a monthly budget for your household. Make a list of all of your sources of income and then subtract your monthly expenses to determine how much you'll have left over each month. This is also the time to make a decision about whether you will open a joint bank account or maintain separate accounts.

Plan for Your Financial Future Together

Once you've determined a budget, it is time to discuss your financial goals as a married couple. Do you want to buy a house in the next few years? Start a family? How much do you need in terms of life insurance coverage? When do you want to retire? All of these and other questions should be answered in order to begin mapping your financial future. It is at this stage of planning for marriage that the help of a financial advisor can be very valuable. WealthTrust-Arizona (http://wealthtrust-arizona.com/) offers a free “get acquainted” session to determine whether or not the firm's financial planning services are the right fit for you and your future spouse.

About WealthTrust-Arizona

WealthTrust-Arizona is a fee-based investment advisory firm that specializes in integrating portfolio management with estate planning for high net worth individuals and families. Services include portfolio management, estate planning, asset and lifestyle preservation, taxation concerns, access to trust and estate documentation preparation, business succession planning and more. The professionals at WealthTrust-Arizona are frequently sought out by the national media such as The Wall Street Journal, Forbes, New York Times, CNBC, Bloomberg Radio, and others to share their thoughts on matters that impact our clients. Visit http://wealthtrust-arizona.com or call (480) 483-7300 to learn more.

Advisory services offered through WealthTrust-Arizona, a registered investment advisor. WealthTrust-Arizona does not engage in the trust business in the state of Arizona or in any other jurisdiction. Not FDIC insured. Not bank guaranteed. May lose value, including loss of principal. Not insured by any state or federal agency.