(A nice pic of me and The Wife on our wedding day)

As Meghan Markle and Prince Harry embark upon married life they will, no doubt, have experts to advise them on how to manage their financial affairs.  It is unlikely they will need to worry about saving for the deposit on their first home, or whether they will have enough income to survive in retirement.

But millions of other couples are not so lucky, and many will receive no advice at all on how to manage their financial affairs once married – not least because their parents have not been too brilliant at managing their own finances, and consequently will have little to no useful knowledge to pass on.

So, here’s my attempt at a simple checklist of financial steps to take for any couples who are about to be, or are, married.

1. What’s the plan?

OK I admit it, I am a bit of a geek in this department, and I don’t expect that many folk would do this. But I remember before we were married I managed to sit Sara down for about 30 minutes (not an easy task) to discuss ‘The Plan’. Some people will cast this off as unnecessary nonsense, but I think it’s essential to know that you have a shared vision of the future before marriage.

During my time working in retail banking I lost count of how many couples I helped who had separated because it turned out they had fundamentally different plans for the future.

He wants children, she doesn’t. He wants to go on 4 skiing trips each year whereas she loves being horizontal by the pool. He can see a future living near friends and the football ground whereas she pictures a cosy cottage in the countryside…

No plan is fool-proof, things change, but you get the point.

Just a thought…

2. Make a Will (ideally including a Lasting Power of Attorney)

Your spouse will not necessarily inherit everything if you die without making a Will. It can also take many months for things to be dragged through probate, it is an absolute nightmare! Don’t cut corners, go and see a solicitor and get it done properly. I’m not going into detail about this people, your solicitor will explain everything when you see her.

(You can contact Charlotte Bandawe of Michael Lewin Solicitors for a FREE Estate Planning consultation on 0113 2185707 or email at: CharlotteBandawe@michaellewin.co.uk)

(Will Writing is not part of the Intrinsic Financial Services offering.)

3. Express your wishes

If either of you have any pensions, whether they are active or dormant, you should contact the provider and complete/update an ‘Expression of Wishes’ to ensure that (should the worst happen) any death benefits applicable are paid to the right people, quickly! This is an easy-peasy thing to do as it is a simple document to complete, but it is often overlooked.

4. Insure against disaster

Insurance is so boring isn’t it? I know, I get it. But you have other people to think about now, so make sure you don’t leave each other in financial hardship should the worst happen.

Life insurance, income protection and critical illness cover are the main three for you to consider.

5. Bank on it

I have seen some crazy financial set-ups between couples during my time in financial services. Whilst this is not an exact science and everyone’s circumstances will be different, simplicity and transparency are key.

Sara and I have a joint current account into which we pay an equal amount every month to cover the Mortgage and essential bills. We then each have our own separate current account for our earned income and personal expenses. That way, I can’t complain when Sara receives her almost daily delivery from some online clothing outlet (she sends most of them back though, apparently), and Sara can’t have any issues if I decide to buy a new guitar – because the bills are covered, and we have our own spending money. We then each have our own ISA and finally, a joint savings account. Which is supposed to be building up for our future house-move but was recently redirected towards paying for an ‘essential’ last minute holiday (I never said we were perfect!).

Every couples’ circumstances will be unique. Some will have a main earner for example, so it may not be a simple matter of splitting everything down the middle, but the idea here is to avoid future conflicts before they happen by having a clear income and expenses strategy.

(The value of pensions and investments can fall as well as rise. You may get back less than you invested).

Useful resources

You can download a copy of my budget planner HERE

If you would prefer to get into the nitty-gritty, then download my Expenditure Questionnaire HERE

Who do you know that could find this information useful?

Until next time…

Hit me at planning@claritylfp.co.uk if you have any questions about investing or any other financial matter, or if you have any tips on how to reduce my wife’s reliance on free returns from online stores.

Financial Planner | Financial Adviser | Investment Advice | Pension Advice | Insurance Advice | West Yorkshire