How to get “financially married”: A practical guide for veterinarians

Getting married could change more than your last name and the number of place settings you own. It changes how money moves through your life. After years of advising veterinarians and practice owners, I’ve learned that many couples wait 5 to 10 years (or more) before truly combining their financial lives because they’re often unsure where to start.

Something to keep in mind: Certain decisions are state-specific, such as how assets are titled. It’s best to always check your state’s rules and consult with a qualified attorney or tax professional before making any legal or tax decisions.

Align your philosophy about marriage and money

Most couples approach marriage, and therefore, money, through 1 of 2 lenses. Neither is right nor wrong, but misalignment creates friction.

• Fully intertwined: We do almost everything together, such as making personal and financial decisions as a unit.
• Interdependent individuals: We’re a team, and we also value some independence, where big decisions are made together, but there is room for solo choices.

Beyond being fully intertwined or interdependent, there is one more framing that has helped many couples: contract vs covenant.

A contract mindset says, “I’ll give 50% if you give 50%.” A covenant mindset says, “I’m bringing 100% whether or not the day feels 50/50.” Money conversations go better when both people show up to give and not to keep score.

Let’s talk through the steps that each newly married couple should consider taking when combining their finances.

Protect against the “unknowns” first

This step involves assessing the overall risk that both of you are taking.

Auto, home, and umbrella policies

• Bundle policies where it makes sense, and add both drivers to the auto policy. If you moved or the last time you shopped for coverage is beyond a year, this is a good time to talk with your agent to get the best coverage for the best price.
• Once auto and home are combined, an umbrella insurance policy is used to provide extended liability due to a lawsuit.

Health insurance

• Marriage is a qualifying life event that allows you to adjust coverage before open enrollment. Compare each of your employer plans (premiums, deductibles, networks, health savings account [HSA] eligibility) and choose the best value for your needs.

Income protection

• Short- and long-term disability coverage can be company-provided or individually owned. Each person must get their own policy because there is no way to “share” disability benefits.
• Review life insurance beneficiaries and consider increasing your coverage to the right amount and with a great company for longer-term planning. Individual term policies are common, and survivorship policies can be useful for specific goals.

Get your estate plan drafted

“Someday” can quickly become 10 years. A basic, state-specific estate plan protects each other and any children you have now or in the future, so ask a local attorney about creating the following:

• A will and, if appropriate, a revocable living trust
• Financial power of attorney
• Health care surrogate (East Coast term) or medical directive (West Coast term) and living will
• Guardian nominations for children and pets

Even without a trust, many accounts allow payable on death (POD) or transfer on death (TOD) designations on bank accounts and other assets to skip probate. Use them thoughtfully and update as life changes.

Title assets deliberately and follow state guidelines

How you title an asset determines control and what happens if one of you dies or is sued.

• Joint tenants with right of survivorship: If one spouse dies, the other automatically owns 100%.
• Tenants in common: Each owns a share (often 50/50), and that share follows the will or trust.
• Tenancy by the entirety: Available in some states for spouses and viewed as 100/100. Often provides extra protection from creditors if only 1 spouse is sued.

For any nonretirement accounts, consider who should control today and what is the cleanest path to the next person or generation so you can title and own the accounts appropriately.

Build a cash-flow system you’ll both follow

Budgeting fails when it is vague, shame-based, or requires daily heroics. Two models work well for most veterinary households:

Model A: “We agree 90% of the time”

• One joint checking for incoming paychecks and outgoing household bills.
• One joint savings for emergencies and near-term big purchases (roof, air conditioning, and travel).
• Automatic retirement contributions from payroll and direct deposits into a separate “wealth coordination account.” Each month, a set amount is transferred to the joint checking for life expenses, and the other funds are strategically used for wealth building, such as future investments and long-term goals.

What’s a wealth coordination account?

It’s simply a dedicated account that receives your monthly “pay yourself first” transfer and then pushes dollars to IRAs, brokerages, real estate down payments, etc. It creates a habit and keeps long-term savings from getting swallowed by monthly living.

This model works due to its simplicity, transparency, and easy fraud spotting with fewer “Which card did we use for that?” moments.

Model B: “We need less friction”

Keep the same joint structure, plus 2 small flex accounts for each spouse, and a set monthly allowance transferred automatically to each account. Flex spending is judgment-free by agreement. You get autonomy without hiding money from each other.

Investment accounts and considering accidental tax bills

A few rules many couples learn the hard way:

• 401(k)s and IRAs are individual by law. You can name each other as a beneficiary, but they are tied to your individual Social Security number.
• Brokerage (taxable) accounts can be joint. Title them intentionally (see above).
• Combining individual brokerage accounts into joint accounts may require the holding to be sold to cash and then to move assets from an individual account into a new joint account (which can trigger capital gains). Plan before you act.
• Add a financial power of attorney to investment accounts so someone can pay bills and manage assets if you’re incapacitated.

A simple financial checklist for newlyweds

☐ Compare employer health plans and enroll (within the qualifying event window).

☐ Bundle auto and home insurance, plus consider an umbrella policy.

☐ Review and increase life and disability coverage for both spouses (if desired) and update beneficiaries on life insurance.

☐ Draft a state-specific estate plan (will, power of attorney, health care surrogate or medical directive) and living will. (This is a time to consider a revocable trust.)

☐ Title banking and investment accounts on purpose and use payable or transfer on death where appropriate.

☐ Choose a cash-flow model that makes the most sense for you. Model A (single account) or model B (flex accounts).

☐ Change direct deposits to your wealth coordination account and set up automatic transfer to your personal checking account for life expenses.

☐ List and automate minimum savings targets (retirement, emergency fund, near-term goals).

☐ Schedule a 30-minute money check-in together every month.

What if one of us hates budgets?

You don’t need to love spreadsheets to make progress. Start with 2 numbers:

1. Your fixed required expenses like rent/mortgage, car payments, and anything that must be paid each month.
2. Add your gross incomes together and multiply by 20%. This number will be the amount to save for future wealth building. Anything beyond the 20% can be incorporated into your lifestyle or saved.

Number 1 will provide a sense of what is needed and what can be adjusted, and number 2 will give you a sense of direction on what can be spent. Try to focus on paying with credit card balances in full every week and adjust the plan as needed.

When to involve the professionals

• An attorney for state-specific titling, trusts, guardianship, and power of attorney.
• A tax professional, such as a certified public accountant or enrolled agent, for filing status, withholdings, HSA eligibility, capital gains planning when retitling accounts, backdoor Roth IRAs, and current tax-related questions.
• A financial adviser to help with your overall financial habits and behaviors to assist with coordinating cash flow, protection, investments, and step-by-step implementation, so nothing falls through the cracks.

The goal

Two imperfect people will never “set and forget” money. The win is a system you both understand, can automate, and can revisit without blame. Whether you build that now as a newly engaged couple or in 15 years, it will help you make better decisions, reduce stress, and give your future selves more options.

DISCLAIMER: This material is intended for general public use. By providing this content, Park Avenue Securities LLC and your financial representative are not undertaking to provide investment advice or make a recommendation for a specific individual or situation, or to otherwise act in a fiduciary capacity. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. Neither Guardian nor its subsidiaries issue umbrella or auto insurance. Tom Seeko, CExP, is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. Florida Veterinary Advisors is not an affiliate or subsidiary of PAS or Guardian. Florida Veterinary Advisors is not registered in any state or with the US Securities and Exchange Commission as a Registered Investment Advisor. The individuals associated with Florida Veterinary Advisors do not maintain specialized licenses or qualifications for the financial services provided to veterinary professionals CA Insurance License # 0K80141, AR Insurance License #15823672. # 8596072.1 Exp. 11/2027