Marriage is not just a private celebration of love and commitment, but a significant change in your legal and financial status as well. Early financial planning is important no matter whether you are young with no assets to speak of or a recently remarried retiree. Knowing your spouse's views on spending versus saving, how comfortable he/she is with accumulating debt, and how your spouse's financial outlook coincide with yours can save many arguments later on.

Even before the wedding, you should sit down together and compile a list of your assets and liabilities. Under assets include your 401K plans, IRA, pension or other retirement accounts, savings and investment accounts, stocks and bonds, real estate, and anything else that adds to your net worth.

For liabilities, you should include credit card debt, mortgages, school and automobile loans, medical bills, and any other money you owe. This will give you a good picture of where you currently are financially. Get copies of your credit reports and check your FICO scores. Recently enacted legislation will make it possible for consumers to get free copies of their credit reports on a yearly basis.

Next, identify financial goals that are important to you. Planning for retirement, buying a house, college funds for your children, investments, and even yearly vacations to Disneyworld all belong on this list. Based on your current combined income, determine how much you can comfortably dedicate to your goals. For a young couple that currently has no children, buying a house may be a more important goal than a college fund. For an older couple, retirement savings may be their most important goal.

Set aside an emergency fund for incidentals, such as unexpected repair, medical bills or the loss of employment. Try to have the equivalent of three to six months of income in your emergency fund. Do not forget to leave room for small, spontaneous treats as well. Decide who is going to take primary responsibility for managing your finances, including paying household bills and handling investment decisions. This decision can be easy in the case of a financially responsible person and a careless spender, but becomes more difficult with two fiscally savvy people. Take turns and then decide who does the better job (or who dislikes the chore less).

Do not be afraid to consult experts. Your bank may offer financial planning services and be able to help in establishing a relationship with a brokerage house. If your finances are more complex, consider hiring an accountant (especially during tax time) or a certified financial planner. Of all the financial decisions you make, communicating with your spouse is the most important one. Stories of husbands that did not tell their wives that they had lost their job until the financial situation had become a disaster and wives who let thousands of dollars in overdraft fees accumulate rather than tell their husband they had bounced a check are not just urban legends. Talking to your spouse will be key in establishing a healthy financial future together.

Author: Ms. Tye Robertson, a Certified Wedding Specialist, is the owner of Especially For You Planners, LLC, a party, wedding and event planning company
Especially For You Planners, LLC
tel 516.616.5053