June is the favorite month for weddings, accounting for more than 10 percent of the 2.3 million marriages in the United States each year.

Along with all the discussions about flowers and venues and who to invite, couples also should be talking about every aspect of their finances, according to the American Institute of CPAs. If they don’t cover this important aspect of their coming life together, they risk being part of the approximately 50 percent who will end up in divorce court.

Financial decisions are a source of relationship tension for the vast majority (88 percent) of adults 25 to 34 who are married or living with a partner, according to an institute survey of 500 couples in that age group. Financial decisions are a daily source of tension for one in five couples, the survey says.

When Americans in the survey were asked to list the most important attributes for choosing a life partner, not surprisingly, personality and physical attraction came in one and two. Coming in third? Having a similar approach to spending and saving, the institute says. A financial advisor can help couples navigate these discussions.

The institute’s Financial Literacy Commission put together a list of financial conversations people should have with their partner before they tie the knot. Following are the institute’s suggestions and an explanation by AICPA of why each is important.

1. Paint the whole (financial) house.

Have an open an honest discussion about your financial goal, but more importantly, talk about where you are today. This is important because partners can be apprehensive and potentially feel judged about openly sharing their financial misgivings. The conversation allows both parties to be aware of what they’re getting into. Whether it is good debt (mortgages) or bad debt (unsecured credit), do not avoid sharing the details of your financial situation. Let this conversation set the tone for future open and honest discussions and don’t let it be a one-time talk. Be sure to regularly check-in and share your thoughts and financial progress with your partner.

2. Yours, mine or ours?

Discuss whether to combine everything or keep some independent resources for each person. If there are step-kids involved, discuss before marriage how expenses for the kids will be handled. Does that come out of the joint money or does it come out of one spouse’s money? If you plan to combine finances, talk about ground rules for what purchases should be discussed first. That $800 watch or $1,200 bike on the joint credit card bill, if not discussed in advance, can be the source of some tense conversations.

3. Discuss the wedding ceremony's return on investment.

Weddings have the potential to be quite expensive, so you should make this big financial decision together. Do a cost benefit analysis to determine what type of wedding you want. As a couple, you need to decide if the resources earmarked for the big day could be better utilized for the down payment on a new home or the reduction of student loan debt. Understanding that weddings are overpriced, you need to decide how much you’re willing to overpay. Destination weddings often provide the couple a lower cost option, by naturally eliminating prospective attendees unwilling to pay the cost to travel.

4. Your place or mine?

One of your most important early decisions as a couple will be where to live. Your first home as a new family can be a source of joyous memories or relentless tensions, so take the time to discuss candidly and choose well. If you’ve both been on your own, you may need more space or just want to make a fresh start. Talk about what you can comfortably afford that is convenient to work for both of you and what fits for the lifestyle you want to have together.

5. Rent or own?

Should your first place as a couple be a rental, or are you ready to buy your first home? Consider whether you want to stay in a particular area for enough years to make it worthwhile to buy and whether you’re ready to sign on for a mortgage. If you decide together to sign a mortgage, talk about your credit histories and scores, a blemish on the part of either partner can cause a last-minute disappointment.

6. Make sure you both can get around.

Are you covered for your transportation needs as a couple by what you have? If each of you has a car, is one a clunker that is a continuing source of headaches and expenses? Talk about whether your current vehicles meet your needs and if not, what’s the best solution. Should you purchase a new car with the peace of mind that a warranty brings, or is that going to be too much of a strain on the newlywed budget? Buy or lease? Finance or pay cash? Discussing the alternatives now will avoid tension later when the car payments or repair bills roll in.

7. Health insurance—do you have enough?

Do you each have coverage at work?  Talk about whether you can save money by combining coverage under one policy and giving up the other. Get the facts on which coverage is better.

8. Marrying your investments.

You hopefully both have savings and investments built up, in addition to your 401(k) plans at work. Talk about whether to combine these investments and what strategies you should use. Discussing your shared risk tolerances and investment comfort levels will help avoid stress when you run into those inevitable market ups and downs. If you each have a financial advisor, talk about whether you want to work with just one.

9. Do you have enough life insurance?

You’ll be sharing the responsibility of keeping a roof over the head of a new family, even when it’s just the two of you. While statistically limited among young couples, premature death is a risk we all face. Discuss whether there is adequate life insurance on each partner to replace his or her income, at least temporarily, if the worst happens. While on the subject, talk about whether you each have adequate disability insurance as well. If you’re disabled by an accident, your income may stop but the family bills won’t; in fact, they may grow if you need special help.

10. What about student loans? 

Discuss the repayment plans. Will each partner contribute toward repaying the loan of one spouse, or will it be up to the person who incurred the debt to repay it? Student loans can be a drain on joint finances and a source of tension if not discussed beforehand.