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When two companies merge, there is often a waiting period of several months between the announcement and the actual merger while the companies get their financial ducks in a row. Brides and grooms would do well to take notice of this model. You should consider spending some time during your engagement planning out your finances together once you are legally merged, so to speak.

Michael Katz at TheStreet.com has prepared five tips to help couples start planning their financial future and avoid the huge stress that comes from financial incompatibility. Money may not be the most romantic thing to focus on while you plan your wedding, but down the road when the wedding is ancient history, you'll be glad you tackled these issues early on.

I've summarized Katz's tips below and added my own insights (I have some credibility here. My full time job is as a financial writer), but for his full article, visit TheStreet.com.

1. Discuss your financial goals and attitudes. Ideally, you and your fiance will be on the same page here. But if your goals are different, at least that's out in the open and you will have a clear idea of how your spouse will handle certain situations, then you can adjust your own reactions accordingly. For example, if you know your future spouse has a tendency to forget to pay bills on time, and you cherish your perfect credit, then you should take on the bookkeeping responsibilities for your household.
   
2. Review your credit history and debt. You don't want any surprises when you go to apply for your first mortgage, or even a joint credit card. If one of you has significantly better credit than the other, it may be in your best interest to NOT apply jointly for loans. Your good credit may be canceled out by your spouse's poor credit history when you apply together, and this could keep you from getting a loan or force you to take on higher interest rates.
3. Update beneficiaries, wills, and legal documents. Katz writes, "Although most things automatically go to the spouse upon the other's death, your beneficiary designations on your 401(k) or estate-planning documents will remain in effect until you change them." A friend of mine, who has been married for several years, was surprised to learn that her ex-boyfriend was still the legal beneficiary on some of her accounts when she reviewed these documents last year. It's also important to designate a power of attorney and health care proxy. You don't want to be the next Terry Schiavo.
   
4. Create a budget together. Determine where the money is coming from to pay your bills and necessary expenses, then determine how much you have for yourselves and what you're going to do with it. Sometimes you can avoid debt by simply being more aware of your partner's spending. You may not think to tell your spouse about the $3 you spent at the coffee shop this morning, or the $10 you donated to a coworker's kid's charity fundraiser, but these small amounts add up, and if your spouse doesn't know you've spent that money, he or she may try to spend the same money on something else, sending you into easily avoidable debt.
5. Make a decision about commingling your assets. If you decide to keep a joint checking account, make sure both parties are aware of the deposits, withdrawals, and payments at all times to avoid overdrafting (see above). If you're keeping separate bank accounts, decide which account will be responsible for which bills each month. You should also consider areas where commingling can save you money. Maybe you both have insurance through work, but one of you has better coverage. Or maybe putting all of your cars on one plan can save you money (it saved me almost 50% when I got married!).

Money may not be romantic, but it's necessary. In fact, a lot of pre-marital counseling discussions focus on these five topics, because if you're not prepared for your financial future, money-related stress can really damage your marriage. And when you're open and honest, these preparations don't have to take forever -- there will still be time to talk about centerpieces, finger foods, songs, and all the rest of the really fun stuff, I promise.