Summer is a popular time for couples to get engaged. Once the initial celebrations are over, planning for the big day begins in earnest. However, one important aspect sometimes is a realistic discussion on their long and short-term finances.

It's not romantic but talking money - and debt in particular - may keep the divorce solicitors at bay. Money is the key source of conflict in marriages and discussing one another's financial situation beforehand can avoid problems later.

Look into the future: Sit down together and draw a picture of your financial life after marriage. Can you afford to buy a home within a few years? Can you afford to save one person's salary or for one person to give up work to raise a child? Whether you like it or not, the other person's levels of debt and savings are an issue in these decisions.

Before the big day, plan to pay at least some of the most expensive loans - usually credit card and motor loans.

Although it's already an expensive year, debt reduction is one very practical way to reduce stress levels prior to marriage. Of course, those with longer engagement periods have more time to sort out their pre-marriage financial arrangements.

Determine your money profile: Opposites attract, even in terms of finances, and often a hoarder marries a spender. To alleviate the obvious financial stresses such a merger involves, you should talk about your shared dreams and come up with a game plan to achieve them.

First, write down all combined credits (income and investments) and debits (personal loans, car payments, mortgages, credit card, overdrafts, utility bills). Then list the outgoing debits in terms of the most expensive per month by either monetary amount or annual percentage rate (APR).

Compare credits with debits and make a realistic and affordable commitment to pay off a percentage of the most expensive, or overdue, loans first.

Use your savings to pay off the loans as the interest you are earning is negligible compared to the interest charged on loans.

If possible, reduce the interest rates you are paying by switching to another credit card provider or lender. Be sure to take any breakout charge into consideration before moving a loan. Each month, try to pay off the credit card bills in full to avoid interest charges. If this is not possible, always pay more than the minimum amount due.

Make a budgeting vow: Put a budget plan and personal financial commitments in writing and place them in a special file accessible to both people. This way, either partner can re-check their plan and agreed levels of spending when needed. A monthly budget review, followed by a treat you both enjoy - dinner out or a film - is a way to make it a positive experience worth repeating regularly.

After you are married, determine who will pay for which expenses and what you will pay for together. Many couples determine a figure based on an individual's percentage of household income. For example, if Sarah makes 60 per cent of the income she pays 60 per cent of the shared bills such as mortgage/rent, utilities and groceries.

Clothing, grooming and car-related expenses should be considered personal bills and paid by each individual. Shared credit cards are not a good idea if each partner wishes some control, and privacy, concerning their personal spending habits.

Of course these are just suggestions as financial management methods are a personal choice for every couple.

Combined wealth: Financial experts are split on whether couples should pool all their funds together in combined checking accounts, investment funds or pension funds. Don't be too quick to merge your finances as it takes time to work out a joint financial vision pleasing to both partners.

In general, there are three funding options - maintain separate accounts/funds, open a joint account/fund, or do both.

Money is a touchy subject for most people, but unless total cash separation is a major issue for one partner, initially consider pooling some of the funds into a checking account to pay joint bills and the mortgage or rent. Alternatively, pay an agreed percentage of your salary by direct debit into the main bill payer's personal account monthly.

Unless your investment styles and levels of risk are identical, keep investments apart. Pension funds should be separate as women's needs - breaks in payments for the birth of a child and longer lifespans - are different from men's.

Looking after the future: Couples with children should have an insurance policy providing either a lump sum or ongoing benefit if one partner falls ill or dies. In many cases, women are not covered, although their unpaid labour contributes greatly to the running of the household.

Replacing that labour - washing, child care, cleaning, driving, meals - conservatively costs more than £18,000 (€23,000) a year according to a recent survey by assurance company Ark Life.

Surprisingly, only 51 per cent of women surveyed had life assurance cover. Of these, the majority (38 per cent) had cover for a total of less than £20,000.

Financial check-up: Remember that financial well being - not wealth - contributes significantly to the health of your marriage. Money is the ultimate modern trust issue, so before making an excessive, un-budgeted purchase think of your long-term budget plan.