I Just Got Married. What Investing Decisions Should My Spouse And I Consider?

You recently tied the knot. You’re finally back home, settling into your new married life — which might feel pretty similar to your pre-married life. 

But managing finances and investments together will likely feel different now, especially as you think about merging your financial lives. How will you save and invest together to achieve those big life goals you’ve always talked about?

Marriage introduces new dynamics to financial planning, from deciding whether to combine accounts to aligning on long-term goals. Addressing these questions early in your marriage can save time and stress down the road. 

Of course, you can always consult with a financial advisor to make sure your plans with your new spouse are aligned. Here are three other essential investing and financial considerations for newlyweds to help you build a prosperous future. 

1. Get aligned on your goals 

When it comes to money, being on the same page as your partner is important. Without shared financial goals, tension can creep into your relationship. While it’s healthy to have individual goals, it’s equally important to form common goals you can tackle together.

Building wealth as a couple requires more than opening a joint account or splitting expenses — it’s about intentional planning. Before you dive into creating an investment strategy, you may need to have some important (and potentially uncomfortable) discussions about your priorities in life, such as buying a home, having children, travel and retirement.

Once you’ve aligned your broader life vision, it’s time to figure out your financial game plan. Decide which goals take priority — retirement, buying a house, building an emergency fund — and how much money to allocate to each goal.

While you might divvy up responsibilities — like one person managing the bills and the other handling investments — it’s crucial for both of you to stay informed about the financial decisions being made. Collaboration is key, especially at the beginning. 

Here are some questions to answer together:

• Will you both contribute equally to your goals, or will one partner contribute more?
• Who will handle investing decisions and monitor your progress?
• What types of investments make the most sense for your goals?

After answering those questions, it’s a good idea to list out all your individual investment accounts and financial assets. This adds transparency and helps both of you understand where you currently stand.

Assess your risk tolerances

You and your spouse might align on goals but still disagree on the best investments. For example, one partner might shy away from stocks, preferring safer investments, while the other is more inclined to pick an aggressive, high-growth strategy. 

But finding a workable compromise might be easier than you think, says Jeff Arber, a certified financial planner and founder of Triple Play Planning. 

“If one spouse is concerned about investment risk, balance it out by diverting some of that money into something safer, like a savings account,” he says. 

Arber also recommends keeping a healthy emergency fund with at least six months’ worth of living expenses. 

“The feeling of having enough cash on hand allows the couple to be a bit more aggressive with their long-term investing strategy because they have a great cushion,” says Arber.  

Daniel Milks, a certified financial planner and founder of Woodmark Advisors, offers another strategy. 

“It might mean maintaining separate retirement accounts tailored to individual preferences but aligning their joint investment account for shared goals with a balanced approach,” says Milks. 

One way to do this is by opening a joint brokerage at a robo-advisor like Betterment or Wealthfront. Robo-advisors create a portfolio based on a short quiz. One factor it gauges is your risk tolerance. 

After taking the quiz with your partner, the algorithm creates a portfolio of low-cost diversified funds suited to your needs. It eliminates the guesswork of balancing a portfolio with the right amount of risk for both of you.

Keep in mind that life changes — whether it’s a new job, kids or a cross-country move — can impact your ability to take on risk or meet certain timelines. Regularly reviewing and adjusting your investing plan as a couple will help you stay on track.

Regardless of your goals, the most effective strategy is to start investing as soon as possible. Time is your greatest asset, especially when it comes to investments like stocks and stock funds, which offer the highest potential for long-term growth.

Schedule monthly ‘money dates’

Set aside time each month to discuss your finances. These “money dates” can include reviewing your budget, discussing contributions to investment accounts and tracking your progress toward goals. This regular communication helps ensure you’re both on the same page.

Don’t focus solely on challenges and shortfalls, either — use this time to celebrate milestones too, such as paying off debt or hitting a savings target.

2. Decide where to invest 

Making decisions about how to allocate your money as a couple is key to meeting your short-term needs and accomplishing your long-term goals. The good news? You have options. From tax-advantaged retirement plans to flexible brokerages, you can grow your wealth faster when you strategically work together.

Here’s a breakdown of some of the most common savings and investment accounts to consider. 

Bank accounts

For short-term savings goals or emergency funds, savings accounts are ideal. Thanks to FDIC insurance, your money is protected up to $250,000 per depositor, per FDIC-insured bank, per ownership category. Just keep in mind that the interest rates you earn in a savings account likely won’t keep up with inflation, so they’re better for short-term needs rather than long-term goals.

When it comes to combining bank accounts, it’s all about what works for you as a couple. Some prefer fully merging their finances, while others opt for a mix of joint and individual accounts. For example, you might keep a shared account for household expenses like rent and groceries while maintaining separate accounts for personal spending.

“It’s perfectly fine to maintain separate accounts for personal spending,” says Milks. “It can reduce friction and help each partner feel independent.”

Retirement accounts

If you’re not already maximizing contributions to your retirement accounts, now is a good time to reassess your strategy. While you can’t open a joint retirement account, pooling your household income can allow both of you to contribute more to your individual 401(k) or IRA.

For example, if you each max out your 401(k) contributions at $23,500 annually (the 2025 limit), that’s $47,000 invested for your future as a couple — double the impact. 

Retirement accounts also offer useful tax benefits. You can defer taxes on contributions and earnings, and in the case of Roth IRAs and Roth 401(k)s, enjoy tax-free withdrawals in retirement. 

If one of you doesn’t have earned income, you can explore opening a spousal IRA. This option is a win for couples in which one partner isn’t working.

Taxable brokerage account

Taxable brokerage accounts offer flexibility for investing in stocks, ETFs, mutual funds, bonds and other investments. Unlike retirement accounts, there are no contribution limits or early withdrawal penalties. This makes them ideal for medium-term goals, such as saving for a home or building wealth outside of retirement.

Opening a joint brokerage account is easy and only takes about 15 minutes. Most major online brokerages offer joint accounts, so it’s not any harder than opening an individual account.

HSAs

If one or both of you are enrolled in a high-deductible health plan, a health savings account can be a powerful tool to save for health care costs. Contributions are tax-deductible, growth is tax-free and withdrawals for qualified medical expenses are tax-free, too.

HSAs also double as an investment account. Plus, your balance rolls over year after year, and you can take it with you if you change jobs. A final perk: When you’re married, your annual HSA contribution limit increases.

529 plans 

If you plan to have children (or have them already), a 529 plan can help you save for their future education while scoring some tax benefits. Contributions grow tax-free, and withdrawals stay tax-free when used for qualified education expenses. Some states also offer tax breaks at the state level. 

And 529 plans aren’t just for college anymore. They can cover K-12 private school tuition and even student loan repayments. If you don’t use the funds, you can roll them into a Roth IRA or use them for your own education expenses if you or your spouse decide to go back to school.

3. Determine how you’ll deal with challenges

Combining finances and investments isn’t easy. One of the biggest hurdles can be navigating different financial mindsets. For example, one partner may be extremely frugal while the other has a spending problem. 

This dynamic can create tension, especially if one person’s habits feel like they’re undermining the couple’s ability to build wealth. 

Another challenge is managing existing debt. If one partner brings significant debt into the marriage, it’s important to create a repayment plan. You’ll need to decide if you’ll both work together to repay the debt, or if one partner works on building an emergency fund while the other chips away at the debt balance. 

A big income gap between partners can also cause financial friction. The higher earner might feel entitled to spend their money as they please or resent their partner for not earning more. Meanwhile, the lower earner might feel entitled to more shared resources or feel burdened by the pressure to keep up.

If this sounds familiar, it can be beneficial to work with a financial advisor. A neutral third party can guide you through these tough conversations and help create a financial roadmap that works for both of you.

Remember, teamwork is crucial when addressing these challenges. After all, you’re in this together — for richer or poorer.

Other financial considerations

Creating an investment plan is only one part of your financial life as a married couple. From taxes to estate planning, there are other important considerations you and your partner need to discuss.

Taxes

You probably didn’t give taxes much thought during the wedding planning process, but you’ll need to consider changes to your tax situation as you map out investments as a couple. 

Marriage can impact your eligibility for tax-advantaged accounts. For example, combined incomes may push you over the income limits for contributing to a Roth IRA or you may now qualify for a spousal IRA. 

Once you’re married, you’ll also need to decide whether to file your taxes jointly or separately. 

Filing jointly has its perks, including:

• Lower overall tax rates for the higher earner.
• Access to higher income thresholds for certain tax deductions and credits.

But there are times when married filing separately might make more sense:

• If one partner has a significant tax liability (like back taxes, unpaid child support or business debt), filing separately protects the other person’s refund from being seized.
• If you or your partner is enrolled in a federal Income Driven Repayment plan for student loans and you file jointly, your income will go up, causing the minimum payment to increase. In this case, it might be best to file separately, says Arber. 

To determine the best option, you’ll need to crunch the numbers. Tax software like H&R Block or TurboTax can analyze your inputs to calculate which filing method minimizes your tax liability. Or you can work with a tax professional for guidance.

Finally, if you decide to file taxes jointly, experts like Arber recommend clients check their tax withholdings at work.

“Their tax withholdings were probably set up as a single taxpayer,” says Arber. “Now that they’re married, they should ensure their tax withholdings reflect their joint taxpayer status.”

However, not all financial experts believe newlyweds should update their W-4, even if they plan to file jointly. 

“It can lead to a big tax surprise when they file in April,” says Carla Adams, a certified financial planner and founder of Ametrine Wealth.

Adams points out that because most couples both continue working after getting married, the taxes they earn as a couple are usually equivalent or fairly close to the sum of how much they earned individually.  

“Changing the withholding to married filing jointly will lower each of their tax withholding from their employer — despite their tax liability likely not changing substantially,” Adams says.  

Workplace benefits

Review your employer benefits and make sure you’re taking full advantage of what’s available. You may be able to pick up affordable life insurance for both you and your spouse, which is something you should consider now that you’re married. 

And you’ll definitely want to compare health plans to decide whether it pays to combine coverage or keep individual plans. If your spouse is self-employed and enrolled in a Health Care Marketplace plan, they may be legally required to switch to your employer-sponsored health plan if you’re enrolled in one.

Updating beneficiary designations

Marriage is a major life event, so you’ll want to update beneficiary designations on accounts like 401(k)s, IRAs and brokerage accounts. This ensures your spouse can receive assets after your death without having to go through probate, a lengthy and costly legal process. 

You can generally update beneficiary designations in a few minutes under your account settings. 

Estate planning

When you’re still in the honeymoon phase, the last thing you want to think about is losing your partner. But it’s important for both of you to have a plan for the worst-case scenario. 

Start by creating an estate planning folder that includes a will as well as power of attorney, life insurance policy, property titles and a living will. 

You’ll also want to consider how assets will be transferred. For example, married couples can transfer real estate and personal property to each other without incurring federal gift or estate taxes until the second spouse passes away. However, without a will, state laws will determine how assets are distributed, and your spouse may not inherit everything as you’d expect. So creating a will is crucial. 

By addressing these steps early, you’ll provide peace of mind for both you and your partner, no matter what the future holds.

Bottom line 

Marriage marks the start of a new chapter and comes with the opportunity to build a strong financial foundation. As you enter this new stage of life, you may want to consider speaking with a financial advisor, who can help you and your spouse create a shared financial plan.

By aligning your goals, understanding your investment options and maintaining an open line of communication, you and your spouse can create a prosperous plan for the future.

Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past investment product performance is no guarantee of future price appreciation.