Instead of sharing sweet nothings before a marriage, young couples should be sharing credit scores.

Or at least they would if they are planning ahead in the days before their nuptials, said local financial advisers.

Wendy Bennett, owner of Bennett Associates Wealth Management in Butler, said, “One thing they need to talk about when they are young is how much student debt they have. If one had their education family funded and the other took out significant loans, then a significant discussion must take place on how you share that, or if you share that.

She said student loan debt is the biggest concern for young couples starting out.

Bennett said communication and a shared financial commitment is key in these prenuptial financial talks.

“In planning for the future, you have to have a plan,” Bennett said. “Retirement might seem like a long time, but it’s here too soon.”

“When there is a lack of communication, I feel like a marriage counselor,” said Bennett about some of her financial counseling sessions.

“Money is the number one cause of divorce. It’s important to talk about it and avoid complications,” she said.

T.J. McCance, the director of insurance with Hefren-Tillotson, agreed that communication before marriage is key in deciding financial matters.

“It really comes down to communication between the spouses,” said McCance. “I’ve seen firsthand all ways of handling day-to-day accounts work well and fail miserably, so it really comes down to communication and setting expectations.

“If one spouse is a good saver and the other doesn’t share that same view of money, but they never discuss it beforehand or come to a compromise, it will most certainly create some headwind early on in the marriage,” McCance warned.

“Couples, before they exchange rings, have to decide things like how much comes out of each paycheck to go toward an emergency fund which is equal to 3 to 6 months of household expenses,” Bennett said.

“The other thing that is huge that I touch on with young couples,” said Bennett, “is how to budget. Couples should work together to set up that vacation fund, make contributions to a 401(k) plan.”

For that reason, Bennett recommends that young newlyweds establish joint checking and savings accounts.

“If you are working together on a budget you have common goals,” she said.

McCance agreed that reducing debt and building an emergency fund are top financial priorities for newlyweds.

He said, “In an emergency situation, not having an adequate emergency fund could start a downward financial spiral which can take years to recover from.

“Working with a good financial adviser can help all families better understand their income and spending through budgeting,” McCance added.

“Part of the financial planning process should include candid conversations between spouses before a good financial plan can be put in place,” he said.

According to McCance, the second area that should be considered in planning is their ability to earn a living, arguably their greatest asset.

“What happens if you can’t get up and go to work any longer? How would that life-changing event impact your family stability, both financially and emotionally?

“Sadly, long-term disability insurance is such an underutilized tool in financial planning and should, at the very least, be discussed,” he said.

Things only get more complicated in second or third marriages where there are children and perhaps larger assets in play, the financial advisers said.

Bennett advises people entering into a second marriage to double check the beneficiaries on all insurance policies and retirement plans.

She warned if a first spouse is listed as beneficiary on, say, a 401(k) plan, that will supersede any will that may follow.

McCance said legal, not financial, advice may be called for.

“For many clients, they need to meet with a qualified attorney to draw up legal documents which will protect each other and their children, assuming they have currently or intend to have children, “ he said.

“Many newly married couples either don’t have these documents in place, or if it’s a second or third marriage, they may have never had those updated.”

Bennett said, “Prenups make sense in blended families. ‘I take care of mine; you take care of yours.’ It’s not popular but worth the discussion.”

There has to be a decision on both parts about children of prior marriages, said Bennett.

“It’s not a fun talk when there isn’t a prior agreement,” she said.

“Someone could say ‘If I die before you, I don’t want to leave everything to you because I don’t know if you will provide for my children,’” said Bennett.

McCance said, “In some cases, beneficiary designations are used to ensure assets pass to heirs in the way that was intended. In others, making sure assets are properly titled is critical.”

“I can’t comment specifically on what a will would or would not cover simply because I’m not allowed to give legal advice or any advice that can be construed as legal advice,” he said.

Bennett said when people come in on the cusp of the second marriage, discussions can grow heated, and Bennett recommends a cooling-off period before coming back to the table.

For first-time spouses, she recommends financial counseling a year in advance of the wedding.

Soon-to-be-newlyweds are often referred by one set of parents or the other.

“It comes down to making sure you have open communication,” Bennett said. “Whatever is uncomfortable, it’s going to come out anyway, so make sure you know it beforehand.”