Premarital Financial Planning Part 5: Structures, Setups & Division of Labor

The Budget Savvy Bride

As you near the end of this series, perhaps the biggest lingering questions are about implementation. How do you put into action the plan you built so that you can actually achieve your goals?

As a quick reminder, here’s a bit about me: I’m Adam Kol, The Couples Financial Coach. I help couples navigate sticky money situations together, whether they’re combining finances or not.

Premarital Financial Planning Part 5: Structures, Setups & Division of Labor

You’re ready to choose the structure of your financial accounts. Each account type has pros and cons. Joint accounts foster financial transparency, making hiding and lying harder, promote accountability, and can be simpler logistically. But they can also lead to more disagreements, feeling restricted, and difficulty surprising each other.

Account Structure + Expense Sharing

Separate accounts offer more autonomy, make gift-giving easier, and can protect you from your partner’s decisions that you disagree with. But they make financial infidelity easier, can complicate logistics for joint or shared expenses and goals, and lower the chances for financial teamwork. You can have a mix of the two, as well.

You and your partner need to check in regularly about your finances, both in terms of your expenses, progress toward goals, how you’re feeling, and whether anything should be adjusted. The easiest way to ensure this happens is to set up a regular “money date.”

Money Dates

Some people like to do it manually – I’m a spreadsheet guy myself. Others prefer to use more-sophisticated technology, which is also great! As long as it makes your life easier and your money management better, I’m all for it!

Financial Tracking

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