Roses are red, but the mortgage is due… 4 tips for financial planning as a couple

Valentine’s Day 2026 is behind us – and you may have spent the day celebrating with the one you love. Occasions like this are wonderful and deserve to be recognised, but day to day, your partnership represents more than red roses and romantic dinners.

Indeed, no matter whether you’re in a new relationship or have been with your partner, civil partner, or spouse for many years, financial conversations are an important part of building your life together. This said, many couples avoid talking about finances altogether – or when they do, disagreements can arise.

If you want to approach your shared wealth in a positive way, or wish to give your financial conversations a clearer structure, read on to discover four tips for discussing your finances as a couple.

1. Be transparent about your baggage

Everyone has baggage.

On a purely financial basis, you might have debts you are working hard to pay down, leading you to save or invest less than you’d like. Perhaps you had a business venture that didn’t work out, or have previously succumbed to lifestyle creep, leading to an erosion of your savings over time. There is no shame in this, but many choose to hide circumstances like these from their partner for fear of judgement.

Alternatively, it could be your emotional relationship to money that needs some attention. If you have been divorced and have been through the painful process of asset division, you could now feel cautious about combining resources with your new partner. Alternatively, you may have grown up in a financially unstable home, causing you to adopt a scarcity mindset even when it isn’t needed.

Whatever baggage you carry – emotional or financial, or a mixture of both – it’s important to be honest with your partner about it.

While financial mistakes and an imperfect track record can come with a feeling of shame, when you share your situation with your partner, you can work out a route towards financial stability together.

2. Talk about your goals (and be ready to take action)

On a more positive note, it helps to be honest not just about baggage, but about your aspirations.

Do you…

• Want to start a business of your own?
• Have a specific retirement age in mind?
• Wish to gift a house deposit to your children or grandchildren?
• Have bucket-list travel destinations you haven’t ticked off yet?

All these wonderful ideas may come to nothing if you and your partner aren’t aligned. Sharing your goals means talking through any misalignment at an early stage and helps you to understand one another’s most important aspirations for the future.

Remember to listen as well as talk – your partner’s aspirations are just as important as yours.

On a practical basis, once you’ve talked about your goals and established a rough timeline, you could:

• Open a shared savings account and agree to contribute a certain amount each month
• Create an investment strategy that suits you both
• Seek advice from a regulated financial adviser to ensure you’re doing everything you can to achieve your dreams.

If you’re unaccustomed to discussing money and taking action after the conversation has happened, it may be worth making time specifically for this purpose. Although it could sound odd at first, pencilling time into your calendar for a glass of wine and a “money chat” could go a long way.

3. Learn about the tax breaks available to you

If you’re married or in a civil partnership, there are tax breaks that can help you build wealth together.

Here are just some of the allowances and exemptions you could utilise together as of the 2025/26 tax year.

Tax break	Amount	Advantage for those married or in civil partnerships
The spousal exemption for Inheritance Tax (IHT)	Unlimited	If you leave your estate or a portion of it to your spouse or civil partner, they will pay no IHT on it, no matter its value.
The IHT nil-rate bands (the amount you can pass to other beneficiaries without IHT being due)	£325,000, plus an additional residence nil-rate band of £175,000 if you’re passing your main home to children or grandchildren.	If you pass your estate to your spouse or civil partner on death, they can claim your unused nil-rate bands, essentially doubling the amount they can then pass to your children or other beneficiaries tax-free.
The Marriage Allowance	£1,260	If one person earns less than the tax-free Personal Allowance of £12,570, they can transfer up to £1,260 of their unused Personal Allowance to their spouse or civil partner, helping them take home more of their earnings.
The annual exemption for gifts	£3,000	Each year, everyone benefits from a £3,000 annual exemption, meaning you can gift up to £3,000 (split across several beneficiaries or given to just one) without any potential future IHT charge being triggered.  Where assets are jointly owned both individuals may be able to use their own annual allowance.
The Capital Gains Tax (CGT) Annual Exempt Amount	£3,000	If you sell investments outside of an ISA, properties that aren’t your main home, or some business assets, your profits could be liable for CGT. The tax-free Annual Exempt Amount is £3,000. Where assets are jointly owned both individuals may be able to use their own annual allowance.

 

Making the most of allowances and efficiencies together could enable you to build wealth while paying less tax.

4. Work with a financial planner as a couple

Approaching and forming a relationship with a financial planner together has a whole range of benefits that go beyond financial gain.

First, we can help you work through any financial baggage together, as well as mediate conversations about money management.

Then, using cashflow modelling software, we can map out your future circumstances based on your unique financial information, helping you understand potential outcomes under different assumptions.

If you wish to gift wealth to the next generation over your lifetime or retire at a certain age, for example, we can help to facilitate this and offer you peace of mind about the affordability of your future plans.

To learn more about the value of couples’ financial planning, get in touch to see how we can help you:

• Marnel Stafford: email Marnel.Stafford@fosterdenovo.com or call 07305 970959
• Ryan Edwards: email Ryan.Edwards@fosterdenovo.com or call 07591 758136

Alternatively, you can call us on 0207 469 2800.

Please note

This article is for general information only and does not constitute advice. The information is aimed at individuals only.

All information is correct at the time of writing and is subject to change in the future.

The tax treatment depends on the individual circumstances of the investor and may be subject to change in the future. We recommend that the investor seeks professional advice on personal taxation matters. Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The Financial Conduct Authority does not regulate tax planning, cashflow modelling, or estate planning.