Marriage is a beautiful partnership, but when it comes to finances, it adds a unique layer of complexity. From taxes to shared expenses, being married means your financial decisions are no longer just about you. But don’t worry—by working together and planning thoughtfully, you can tackle these challenges head-on. Let’s dive into what you need to know to manage your finances as a married couple.
Talk It Out: Communication Is Key
It might sound cliché, but communication truly is the cornerstone of a successful marriage—especially when it comes to money. For Childfree couples, you may have already navigated big decisions like not having children. Money, too, deserves the same level of honest, open conversation.
Finances are one of the leading causes of divorce in the U.S., and that’s often because couples avoid talking about them. Whether it’s guilt over spending or fear of conflict, sidestepping money conversations can lead to misunderstandings. To avoid these pitfalls, it’s essential to budget together. Think of it as a team sport where you’re both playing to win.
When you sit down to discuss money, be prepared to tackle deeper topics like gender roles and expectations. Does it matter who earns more? Who’s responsible for what expenses? Should you consider a prenuptial or postnuptial agreement? These conversations might be tough at first, but they lay the groundwork for a strong financial future together.
Build a Financial Plan as a Team
One of the first financial realities of marriage is taxes. Your marital status impacts your filing options, meaning you’ll file as either “married, filing jointly” or “married, filing separately.” Filing jointly often provides tax benefits, but it also ties your financial outcomes to your partner’s actions. For example, if your spouse owes taxes, filing jointly means their debt becomes part of your shared responsibility.
Another key aspect of financial planning is creating and sticking to a budget. Transparency is critical here—both of you need to openly discuss your bills, spending habits, and financial goals. If one of you loves splurging while the other is a diligent saver, consider setting up a personal allowance. This gives each partner the freedom to spend a set amount without judgment, reducing potential conflicts.
The Gardener and the Rose: Supporting Each Other’s Goals
Marriage is about growth—not just as a couple but as individuals. Dr. Jay calls this dynamic “the gardener and the rose.” At different times, one partner may take center stage, pursuing career or personal goals, while the other provides support. This could mean moving for a job, funding a degree, or taking on more household responsibilities to free up the other’s time.
The key is balance. After one partner has had their time as the “rose,” you can swap roles. This mutual support ensures that both of you get opportunities to flourish, and it’s much easier to achieve when your finances are aligned.
Plan for the Unexpected
Life is unpredictable. A sudden job loss, medical emergency, or unexpected expense can shake even the most stable financial foundation. That’s why it’s crucial to have a long-term plan in place.
Start by building an emergency fund to cover at least three to six months of living expenses. Then, consider consulting a CERTIFIED FINANCIAL PLANNER™. A professional can guide you through everything from budgeting and saving to tackling complex issues like taxes and retirement planning.
Working with a financial planner isn’t just about solving problems—it’s about creating a roadmap to help you weather life’s storms and reach your shared goals.
Your Marriage, Your Money
Managing finances as a married couple requires open communication, mutual respect, and a solid plan. By working together and seeking professional advice when needed, you can build a financial future that supports both your individual dreams and your shared life.
Marriage might add a few wrinkles to your financial planning, but with teamwork, those wrinkles can smooth into a picture of success. So, grab your partner, start the conversation, and take the first step toward financial harmony today.