Financially happily-ever-after: Financial Planning for Couples!

Financially happily-ever-after:  Pros & cons of getting married


  • It’s better for women to continue with the existing account into the first few years of marriage, say, Experts.
  • Since you promise each other to take care in sickness and in health, you become entitled to certain perks.
  • Multiple studies have shown that marriage has a more positive impact on wealth creation and savings than staying single.                                                              

They say marriages are made in heaven, however, the financial expenses, are borne here on earth

In India specifically, there are many people who still consider marriages as an economic exchange where a bride is ‘given away’ by her family to another along with some sort of monetary benefits known as dowry which includes cash or other valuable stuff. Here is why financial planning for couples is important.

For many people, marriage brings several benefits, along with financial ones. But, if you have a significant other who believes that getting married is more of a financial liability than a benefit, then don’t be surprised because this thought and mindset is more common than you’d think.

So, this Valentine’s Day, if you are  planning to exchange rings, then you must know what you are  getting yourself into because it’s not just about exchanging chocolate and flowers with a loved one.

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Below mentioned are some financial advantages and disadvantages of marriage, compared to living the single life or as romantic partners which will help you understand why marriage makes financial sense:


Marriage is not always about legal and romantic union, in fact, for many couples, it means uniting financial lives as well. However, this particular move isn’t for everyone because some may or even like to maintain their financial independence. It’s also not uncommon for couples to merge their financial accounts once they get married to combine financial obligations and tackle them as a team with combined incomes.


Experts say it’s better for women to continue with the existing account into the first few years of marriage as certain cheques in their maiden’s name would not be subject to name-change formalities. Also, holding two separate accounts is, however, catching up.

Couples could have separate joint accounts if they are working professionals, but they must ensure that there is proper nomination and the account is operated jointly with the spouse on an ‘either-or survivor basis.

Experts also say that it’s a good practice to follow the ‘mine, yours, ours’ pattern or approach and maintain separate accounts for discretionary spending, along with pooling money together for shared purposes such as a home purchase or kids’ future. 

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Since you promise each other to take care in sickness and in health, you become entitled to certain perks via security spousal benefits.

In the worst scenario, security benefits also kick in when one spouse passes away. In such a tragedy, the spouse who is alive or surviving is eligible to get their benefit as payment when they retire.

Read more- Happy Valentine’s Day: 15 Cute Valentine’s Wishes for Great Romantics


It is obvious that if you both (you and your partner) are employed, two salaries can be a considerable benefit in building long-term wealth. The biggest advantage after saying ‘I do’ is that your earnings and savings go up and your expenses are shared which means that there are two incomes to join/add/save and two incomes to tackle financial responsibilities.

Multiple studies have shown that marriage has a more positive impact on wealth creation and savings than staying single. If the spouse is supportive, then the couples would see their wealth jump each year during their married life.

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Make sure that you don’t have any kind of debt, such as personal loans or credit card outstanding, when you get married as it’s unfair to make a shared burden out of your personal debt.

It is a strict no-no if you’re planning to take a personal loan for your marriage.  Instead, make a savings plan in advance to avoid a last-minute scuffle for funds by taking personal loans.


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You should share everything from your income to your debts along with financial statements with your partner. Your assets should include things like your savings and retirement accounts and your liabilities may include student debt, a car or business loan, credit card balances and even mortgages if you have any of these.

Read More – Women born in February are Unpredictable: You Won’t believe the last point!


The financial situation is different for many people and in some cases, experts say filing taxes jointly could affect your finances. In such cases, make sure you talk with a tax professional about different filing options and how they may affect your tax scenario. It may also be a good idea to review your investment choices and find out if there are any tax-efficient steps you might consider taking.



Not everyone craves a big fancy wedding to tie the knot, and certainly, not everyone adjusts to a simple wedding. Getting married just anywhere isn’t for everyone, and some still want to save up to afford the wedding of their dreams.

In many cases, the financial cost of the reception, other events, clothing (gowns & tuxedos), flowers, honeymoon and everything in between are combined, which is sometimes a big reason couples may choose to put their wedding on the back burner.


In this situation, what also true is, unfortunately, is that money may become one of the leading causes of fighting in a marriage, and a top predictor of divorce (even though when it is not) perhaps because we tend to marry our financial opposites, as per study and as a result, financial planning can become a bigger source of stress in matrimony.

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Sometimes problems arise when realistic spending of savings are not set when one of the partners is a spender and another one is a saver or when one spouse has an awful credit score and the other has worked for years to keep the score good for the future purpose. Such differences can easily create marital woes if there is a lack of understanding. 

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Parul Srivastava

She likes to express herself through her write-ups. She doesn’t believe in doing different things but she enjoy doing things differently.
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