Money matrimony: Financial planning ahead of your “I Dos”

(NC) Planning your wedding involves more than just picking out the perfect flowers or venue – it’s also about laying the groundwork for your financial future together.

“They say love is blind, but your finances don’t have to be. Canadians nearing their big day can benefit from trusted advice leading up to and after the ‘I dos,’” says Fred Zhou, senior financial planner at TD Wealth Financial Planning. “It’s important to talk through financial goals before the big day.”

Laying your financial foundation
Before you tie the knot, it’s important to have an open and honest discussion about your respective financial situations. This includes discussing your income, assets, savings and any existing debt. Transparency in these matters is key to setting a strong foundation for your financial future together.

Managing wedding gifts
Many people receive financial gifts as a wedding present from their family and friends. If that’s the case, it’s important to consider long-term investments for these funds. Working with a financial planner can help you and your partner set saving and investing goals to ensure these gifts contribute to your long-term financial well-being.

Setting short-term and long-term financial goals
What are your hopes for your marriage and life together? Whether you’re saving for a house, your retirement, travel or aiming to leave a legacy, having a clear path forward is essential. Creating a plan helps ensure you stay on track to achieve your shared goals.

Protecting your future
In addition to setting goals, it’s important to think about protecting your financial future. Estate planning is crucial to help ensure that your assets are managed according to your wishes in the event of unforeseen circumstances.

Seek professional guidance
Working with a financial planner can be invaluable. They can provide tailored advice, help you navigate complex financial decisions, and ensure you’re both on the same page regarding your financial future. As you embark on this new and exciting journey, having a trusted advisor by your side helps ensure you're prepared for the financial road ahead.

Learn more at td.com/wealth.