How to plan your finances for marriage

Wedding season is now in full swing as couples prepare for their big day. For those planning to tie the knot, wedding preparations are not the only things that need careful planning.

Taking the right steps to prepare financially for marriage can help to prevent unexpected surprises as couples embark on their new life together. Weddings are magical moments but they also require a level of practicality, to ensure that you get your partnership off to the right start. So, what can couples do to make sure they are perfectly aligned before they say their vows?

Hannah Budd, co-founding partner of BloomBudd LLP shares her guide to pre-nuptial preparation.

• Have a frank discussion about your financial situation, highlighting assets or debts 
• Map out who will be responsible for which outgoings such as mortgage, rent and household bills
• Discuss bank account accessibility, will you merge your accounts or keep them separate?
• Consider the implications of changing your name
• Consider negotiating a prenuptial agreement
• Lastly, agree on a firm budget for the wedding itself – many marriage related disagreements take place in the lead up to the event itself because of mounting costs