Love is in the air as celebrity couples Jennifer Lopez & Ben Affleck and Ulrika Jonsson & Lance Gerrard-Wright join couples up and down the country in putting the final touches to their wedding plans for this year.

It’s the one day where everything must be perfect and every detail will be laboured over so that the wedding is the most memorable occasion of the couple’s life. But how many have given a second glance to how their nuptials will affect their finances?

Like it or not, tying the knot these days also means tying up finances. Starting married life is, inevitably, a time of great change in both partners’ financial circumstances and couples should sit down and sort out their finances well before the big day. Mortgage and savings provider Birmingham Midshires is offering couples just starting out some helpful pointers.

A survey by Relate, highlighted that 44 per cent of all arguments between couples are caused by money. According to the survey respondents argue most about spending priorities.

Matt Grayson, a spokesman at Birmingham Midshires, commented, “It can be very easy to let money become an emotive issue within a relationship. It is important that both partners play a part in making the household finances work.”

The biggest financial commitment couples are likely to make when getting married is setting up home together. If you’re planning on moving around within the first couple of years, maybe because your job requires you to be mobile, it’s probably wiser to rent for a while.

Most couples, however, want to get a foot on the property ladder quickly. Where both partners have previously owned their own homes, it may be worth considering transferring one of the properties onto a specialist buy-to-let mortgage to generate an income from it.

Grayson explains: “The rental sector is booming although some areas, such as London and the South East, are inevitably in more demand than others. With the support of specialist advice, renting out one of your properties could be a profitable long-term investment.”

“If it is an option that you are considering, you should consult a specialist lender, like Birmingham Midshires, who will be able to advise you on the best course of action.”

You’ll also need to check how your tax is affected and inform your local tax office about any change in your circumstances. If you are unsure about how much tax you should be paying, it is important to seek advice from your local Inland Revenue office.

Setting up a savings account should be a priority too. If you’re not going to be dipping into your money for a few years, it’s worth considering an ISA – Individual Savings Account – to ensure you are making the most of your tax-free savings allowance. In particular, if one partner is in the 40 per cent higher tax bracket you should investigate how you can maximise your savings to ensure that they are as tax-efficient as possible.

Perhaps you want to commit to a regular savings habit? The Birmingham Midshires Regular Savings account pays 4.55 per cent Gross / AER – a best buy rate for a regular savings account.

If you want to consider a telephone-operated account, Birmingham Midshires’ Telephone Plus account has consistently appeared in Best Buy tables for a record 10 months since its launch in June 2002. Earning a rate of up to 4.15 per cent gross / AER (3.32 per cent net), you could make four penalty-free withdrawals each year.

Life assurance is a must. If you don’t have children, the amount of assurance cover you need depends on how much your surviving partner’s standard of living would be affected by your death.

While life assurance is a sensible precaution, couples should not forget to allow for the possibility of reduced income through ill health, accident or unemployment. Mortgage Payment Protection can either be arranged through your lender or you may wish to shop around for the best policy.

Finally, morbid though it may seem, make a will! It’s never too early to arrange and putting it off could land your loved ones with unnecessary hassle at a difficult time. Remember to keep it up to date, as your financial circumstances will change as the years go by.