Building a Strong Financial Foundation Together

Wedding season is upon us—typically running from May through October in our area. Whether you’re attending weddings for your children, grandchildren, or friends—or tying the knot yourself, this season is filled with joy, celebration, and big life transitions. Marriage isn’t just a merging of lives – it is also a merging of finances. Money is often one of the top sources of marital stress and even divorce. Being proactive with your vision of your personal finances in marriage can lead to a healthier and deeper connection. In this blog, I will discuss a few topics to think about when it comes to marriage and finances.

Talk About Money Early – and Honestly

Encouraging open communication about finances early in the relationship can lead to many benefits. Talking to your partner about their values and personal experiences around money, financial goals in life, fears or worries, and spending habits can lead to a deeper relationship. You may even find out something new about your partner. By having these sometimes-hard conversations early in the relationship, you can reduce the risk of financial strife later.

Should We Combine Finances?

Some couples prefer joint accounts for simplicity, while others keep finances entirely separate to maintain autonomy. A hybrid model—where each person maintains their own account and contributes to a shared household account—is also common. There are many nuances in what is best for your unique scenario but know that there is no “right” answer. Emphasizing communication and transparency no matter the structure will likely lead to more positive results. 

Creating Shared Goals and Visions – with AFG’s Help!

Now it is time for the fun part! Envisioning what you want your future life to look like as a married couple can be very fulfilling. Discussing shared financial goals such as travel plans, charitable giving, buying a new home, and retirement can guide your day-to-day decisions so that you are always moving towards these goals. We are happy to be part of this step by setting up a financial plan to accomplish these goals and alleviate financial stress. PlanFirst! allows you to see your full financial picture in one place, making it easier to track spending, savings, and goal progress together as a couple. If you do not have access to your PlanFirst! website, please let us know and we can help.

Don’t Forget the Legal & Estate Planning Details

A large life event, such as marriage, is an important time to review your estate plan and beneficiaries. Creating or updating estate documents, especially Wills and Power of Attorney documents, are very important so that the right person is in charge in the case of an accident. We recommend reviewing your estate documents when a large life event like this occurs. You may also wish to review the beneficiaries on your various financial accounts and life insurance policies, something that is often overlooked. 

In the case of non-traditional family arrangements and blended families, this step becomes even more important. Having updated estate documents laying out the details of how you would like your affairs handled are crucial. Naming the proper guardian for your children is a consideration. These topics need to be discussed with the appropriate estate planning professional. 

Lastly, in some situations, it might make sense to consider a pre-nuptial agreement. These arrangements can be particularly useful in second marriages, cases of large inheritances, business ownership, and if the level of assets is significantly different between the people to be married. Speaking to the proper attorney on these issues is crucial. 

The Best Wedding Gift – Peace of Mind

Starting your marriage on the same financial page is one of the best gifts you can give each other. It builds trust, fosters connection, and reduces stress. And remember—it’s never too late to begin. The best time to plant a tree was 20 years ago; the second-best time is today. So, when the wedding bells start ringing, we are happy to help you with these discussions.

Jake Spradlin, CFP®

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The Arkansas Financial Group, Inc. is a Fee-Only Financial Planning Firm located in Little Rock, AR serving clients in Arkansas and throughout the country.

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