Marriage - a beautiful union that can sometimes also be complex, as two different lives merge. What are some smart money tips that every couple should know?

Wealth Planning and Preservation

If you are planning for marriage or already married with a certain net worth; or have recently received an inheritance, it is important to pay attention to wealth planning and preservation strategies.

Doing so help one avoid costly and painful decisions, in the event of family conflict or if the marriage breaks down one day.

Some areas for consideration:

• If I have received an inheritance, are there ways to exclude certain people to ringfence against my matrimonial assets?
• Is a pre-nuptial agreement helpful? Will it be enforceable in the unfortunate event of a divorce?
• Will I be required to provide for my spouse financially in the event of a divorce?
• Should I have separate or joint savings and investment accounts from my spouse?
• How will my wealth be distributed after I pass on?

2. Ensure optimal insurance coverage

When the main income earner is down, the financial and emotional stress on the other spouse can be too much to bear.

Besides being the caretaker of the spouse who is ill, he/she will then have to ensure that medical bills are taken care of, while ensuring that there is enough for their daily expenses and mortgage loan repayment.

As such, smart and proper insurance planning can significantly help a couple tide through the rainy days.

Many couples shy away from discussing about their finances despite it being one of the pillars that could make or break a marriage.

Today's globally connected society also poses other challenges between a couple - procuring cross-border insurance coverage for their spouse of different nationality, complying with foreign tax rules and repatriate business returns, just to name a few.

Such issues can be complicated, but there exists sophisticated tools and data analytics that can help you gain clarity and have a decisive edge in your financial planning.