You’re wedding planning! Here’s what to talk to your advisor about
Wedding planning is exciting – cakes, rings, dresses, venues, vows! But make sure you take some time to check in with your financial advisor too. You want to build a financially healthy marriage, so don’t wait until after the big day to discuss it. Read on for five things you should discuss with your advisor before tying the knot.
Wills and beneficiaries
After you’re married, update your wills and beneficiaries if your spouse is not currently included in your documentation. Merging families may mean there are children to consider for beneficiary purposes. Reviewing your current will and beneficiary designations before marriage is beneficial in case other changes may need to be made. Your advisor can review these documents with you to ensure all your wishes are outlined.
Combining Accounts and Expenses
Is it better to share everything or keep things separate? What if you and your partner are financial opposites, say you’re a spender and they’re a saver? For some couples, combining accounts, expenses, and assets will simplify the management of these assets. For other couples, it’s not realistic to merge accounts and split expenses 50-50. But what you do want to share equally is your involvement in your financial life – investments, insurance, loans, and estate plans.
What if there’s a substantial income disparity between spouses? Do you or your spouse own your own business? Your advisor will look at the whole picture of your family’s assets and work with you on the best way to coordinate your finances to mitigate tax liabilities and meet your goals.
Is it time for a bigger place or time to downsize? If you’re moving from two residences to one, are you looking to keep one residence and sell, or potentially rent, the other? Real estate is often the largest personal asset for Canadians, so you’ll want to plan for how you will deal with your properties.
There are implications for life, health, auto, and home insurance after marriage. For example, will you add your spouse to your current policies, or will you buy new shared policies? You’ll want to compare plans if you currently have health, home, and auto insurance to determine who has the better plan and the cost of adding your spouse to that plan. Your advisor can suggest insurance products that best fit your retirement and tax strategies.
What’s most important is that you openly communicate with your spouse about your finances and make financial decisions together as a family. Your Assante advisor can help you look at the big picture to ensure you have a complete plan in place to continue to grow your wealth together.