Pre-Marital Planning Guide
The Engaged Couple's
Financial Checklist
Financial Checklist
A plain-language guide to aligning your finances before the wedding day — so you start your marriage on solid ground.
7Key
Topics
Topics
Getting married is one of the biggest financial decisions you'll ever make.
Before you say "I do," take time to have honest conversations and put key structures in place.
This checklist covers seven essential financial areas every engaged couple should address — ideally 3–12 months before the wedding.
1
Complete Financial Disclosure
Know what you're each bringing in
Share full credit reports with each otherPull free reports at AnnualCreditReport.com
Disclose all existing debts — student loans, car loans, credit cardsInclude balances, interest rates, and monthly minimums
Disclose all assets — savings, investments, property, retirement accounts
Discuss your credit scores and any negative history
Review each other's income, pay stubs, and employment status
Key insight: Debt brought into marriage doesn't automatically become joint debt — but income used to repay it can complicate things.
2
Budgeting & Spending Plan
Build a shared financial foundation
Discuss individual spending habits and financial personalitiesAre you a saver or a spender? Be honest.
Create a projected combined monthly budgetIncome vs. fixed expenses vs. variable spending vs. savings
Agree on a personal spending threshold — no questions asked
Establish a shared emergency fund goal (3–6 months of expenses)
Plan how the wedding budget will be funded
Identify short-term financial goals as a couple — home, car, travel
3
Bank Accounts & Structure
Decide how money will flow
Decide on joint, separate, or a hybrid account approachNo single right answer — discuss the pros and cons of each
Determine how household bills will be split or shared
Establish who manages day-to-day finances (or share the role)
Set a recurring 'money date' to review finances togetherMonthly is a great starting point
Add each other to accounts, or note which accounts stay separate
Hybrid approach: Many couples keep individual accounts for personal spending and contribute proportionally to a joint account for shared expenses.
4
Debt & Credit Plan
Tackle what you're bringing in together
List all debts and agree on a payoff strategyAvalanche (highest interest first) or snowball (smallest balance first)
Discuss whether to tackle each other's debt jointly or separately
Review student loan repayment options — IDR, refinancing, PSLF
Avoid taking on new major debt right before the wedding
Check whether marriage could affect your loan payments or tax filing
Set a target debt-free date for each obligation
5
Insurance & Benefits
Protect each other from day one
Compare employer health plans and choose the best combined optionMarriage is a qualifying life event — you have 30–60 days to enroll
Update beneficiaries on all existing life insurance policies
Discuss whether additional life insurance coverage is neededEspecially if one partner earns significantly more, or you plan to have children
Review auto and renter's/homeowner's insurance for combined coverage
Discuss disability insurance coverage for each partner
Consider umbrella liability coverage if you have assets to protect
6
Retirement & Investments
Build long-term wealth together
Review all retirement accounts — 401(k), IRA, pension — and their balances
Update beneficiary designations on all retirement accounts
Discuss retirement goals — target age, lifestyle, and location
Confirm both partners are capturing their full employer match
Review investment allocations for your combined risk tolerance
Consider meeting with a financial planner for a joint retirement strategy
7
Legal, Tax & Estate Planning
Protect your family and your future — before and after the wedding
Pre-Wedding Legal
Discuss whether a prenuptial agreement makes senseEspecially if one partner has significant assets, a business, or prior children
Consult a family law attorney if pursuing a prenup
Review any existing wills or trusts
Update property titles and account ownership after the wedding
Tax Planning
Run a marriage penalty vs. bonus tax projectionFiling jointly can raise or lower your bill depending on income levels
Decide on filing status: married filing jointly vs. separately
Update W-4 withholding with your employer after the wedding
Notify the IRS and SSA of any legal name change
Estate Basics
Draft or update wills to include your spouse
Create durable powers of attorney — financial and medical
Name your spouse as beneficiary on all accounts where appropriate
Consider a simple living trust if you own real property
Ready to build your financial plan as a couple?
Schedule a complimentary consultation with a Black Hills Financial Planning advisor.
(605) 655-2133
blackhillsfinancialplanning.com
This guide is for educational purposes only and does not constitute financial, legal, or tax advice.
Please consult a qualified professional for guidance specific to your situation.
blackhillsfinancialplanning.com
· (605) 655-2133 · 529 Kansas City St. Suite 210, Rapid City, SD 57701
Black Hills of South Dakota · Est. 2021