'I Do' Diligence: Five Financial Tips for Newlyweds

Armstrong also says it's a good time to update your will and to get a power of attorney and health care proxy as well. He cites the famous Terry Schiavo case, where the spouse and parents of a comatose woman endured a brutal court battle in 2005 over her medical fate. "You have to choose who is going to make decisions for you -- your spouse or your parents," he says. "No one wants to think it can happen to them, but it does happen, and it's not a bad idea to get the documents taken care of right away."

4. Create a Budget Together

Armstrong also suggests couples complete the tedious -- but important -- task of creating a budget. This is also a good way to bring each spouse's spending habits more in-line with each other's. "You don't want to get in a hole early on in the marriage," he says. "Many people may think a budget is restrictive, but you should look at it as an empowering tool that everyone should have."

5. To Commingle, or Not to Commingle

Couples about to get married also need to consider whether they want to commingle their assets. This doesn't have to be an all-or-nothing decision, however, as couples can choose to combine some of their finances, while keeping others separate.