How to do your financial planning before tying the knot

It is that time of the year again—flowers are blooming, the sun is shining, and there are many couples preparing to walk down the aisle.

- Lana Visser-Galant

Before tying the knot, however, it is important to consider how your finances will merge and what steps you should take to ensure financial stability as a couple.

Understand each other's financial situation

Have an open and honest conversation about your individual financial situation.

This includes understanding your income, debts, financial goals, and spending habits.

If you have any conflicting money beliefs, this is the time to discuss them so you can get on the same page.

Decide on joint or separate finances

Based on the discussion around your financial situation, decide whether you would like to combine your finances once you are married or if you would prefer to keep them separate.