1. Discuss Financial Goals

One way to break the ice on the money topic is to discuss your financial goals together. It might help to list short-term goals (wedding, honeymoon, new car) and long-term goals (your college payments, children, a child's college education, a home, retirement). Once you both determine which goals are most important, you can focus your energy on achieving them. Set timelines so that your goals seem achievable, especially long-term goals. This goal-setting project could also provide a bond that will cement your friendship with each other.

2. Budget your income(s)

Once you've defined your priorities, you can budget one or two incomes to meet those challenges. Organization and disclosure with each other is key, no matter if one or both partners work on the budget. If one spouse is hospitalized or otherwise incapacitated, the other spouse will then know how to take over that budget.

If you begin to determine your net worth before the wedding, you'll be able to understand how you'll meet those short-term goals or debts now. This practice run on the initial budget will help you understand each other even better as you begin to cut corners on the wedding and honeymoon so you can finance that new home.

3. Create New Bank Accounts as Needed

Although joint bank accounts contain some advantages, such as easier record keeping and lower maintenance fees, the joint account might prove troublesome if both partners write checks on that account. Separate checking accounts might help keep the peace, especially if one or both of you want to maintain some sense of financial independence.

One solution would be to use a joint account to pay bills, and then each spouse could maintain separate accounts for personal spending. Savings accounts are another matter, as you might want to use an interest-bearing account to save for those long-term goals. Joint savings accounts that combine two incomes will garner more interest income than two separate accounts that contain less money each.

4. Keep Credit Cards Separate

Unlike bank accounts, you'll want to keep your credit accounts separate. Once your name is applied to your spouse's card, you will become as responsible for the debt on that card as your spouse is now. If your spouse has poor credit, the addition of your name on that spouse's card will impact your credit negatively as well. Authorized users, however, can use a spouse's card without the responsibility of the debt. An authorized user's credit rating won't affect the cardholder's credit rating; but, if that authorized user maxes out your credit card at the local casino, the original cardholder is responsible for that debt.

You both might want to consider paying off and eliminating expensive cards (like that card you managed to snag when your credit was bad) or you both might call your credit card issuers to bargain down interest rates and annual fee payments. If you're in shape to pay off a credit card quickly, you might consider using a rewards card to pay for your wedding. But, keep in mind that the worst way to enter a marriage is to enter deep in debt.

5. Review Insurance Policies

If you both carry life and health insurance policies, you might want to conduct a cost/benefit analysis on both plans to see if a combined policy for life and/or health might be more cost efficient. Be sure to take deductibles and benefits into account before you decide what you both can live with during the first few years of your marriage. You'll want to constantly reassess your insurance policies as you build a family and as you age to take advantage of the best benefits offered.

Consider pooling your automobile insurance policies as well, as many insurance companies will provide discounts if you insure more than one car. If one of you has a poor driving record, however, that history might spell higher premiums.

6. Consider Employer-sponsored Retirement Plans

When you compare insurance policies, you also might want to compare retirement plans. Review plans carefully and determine which plan provides the best benefits. If your cash flow is limited, you might focus on one plan for your retirement strategy. But, if you can afford it, try to max out your participation in both plans. Some points to look for include company plans that match contributions, the vesting schedules for the employer's matching contributions, options, and whether you can take out loans on that retirement plan for emergencies.

You might want to study your tax situation as well, as married individuals who file joint or separate returns abide by different IRS rules than unmarried individuals. IRS regulations will also affect your income tax status as your family grows. Finally, the IRS will also affect your retirement options (do you get the feeling that you're marrying the IRS?). Although you might decide now to file joint returns, you may change your mind year by year as the IRS changes their rules that often. Stay on top of these rule changes to take advantage of any and all tax benefits.

7. Commit to a Prenuptial Agreement

You might not think you have enough money to pursue a prenuptial agreement. After all, those documents are for the uber-rich, right? Not so, especially if you meet any of the items listed below:

• You have assets such as a home, a portfolio, or retirement funds
• You own all or part of a business
• You have children from a previous marriage
• You are wealthier than your fiancé
• You are pursuing a degree that might increase your income dramatically
• You foresee major potential in your job or profession
• You want to have peace of mind

If you can broach this topic before you become engaged, you might discover new facets to your spouse-to-be. This topic shouldn't present a problem if you and your significant other are open with each other, as a prenuptial agreement basically protects your current and future assets against malevolent and unpredictable forces.

You will want to retain separate attorneys to create this document so that there isn't a conflict of interest down the road, and make sure that both attorneys sign the final agreement. Consider the "sunset clause" with caution, as you might decide to change the prenuptial down the road, but you may not want to an expiration date on that agreement now. You also want to finalize the prenuptial at least one month before the wedding. Many prenuptial agreements made on the spur of the moment have been tossed out of court based on "coercion," or as a frivolous request.

8. Beneficiaries and Death

If your marriage is blessed and you remain married for life, you might want to talk with your spouse about your final wishes. Preplanning funerals is a wise idea, just as smart as planning for retirement. But, you might want to sock that funeral money away in an interest-bearing account rather than prepaying for that event. Earning interest is always smarter than paying outright for anything, especially since this purchase isn't one that excites most individuals.

This preplanning also calls for other documents that can insure your loved ones' financial security long after you're gone. Take stock of all your assets and arrange to change beneficiaries if needed. You'll want these beneficiaries to remain consistent with any prenuptial agreements and wills so that your family won't experience conflict over discrepancies once you're gone. These documents will change over time as your family grows.

If you love each other enough to tie the knot, then the ability to sit down with each other to talk about life's eventualities could make that knot more secure. If not, then you might think twice about sharing your life - let alone your assets - with a person who cannot talk about your future together. After all, an inability to communicate, compromise, and commit may be the reason why most marriages fail.