The wedding is over, but your life as a couple has just begun. As a team working together for the first time, there are many adjustments you will have to make in the first year together. Of course, you must approach the small stuff like laundry duties and dishes, but one of your main priorities should be working to establish your financial foundation.

Something old: Throughout life's many milestones, the memories of your past will inevitably serve as a guide when you are setting goals for the years to come. When two people decide to unite in matrimony, they are bringing together their memories, traditions, habits and goals to form a partnership that includes everything from family to finances, so be prepared. Talk about your priorities and what really matters to each of you when it comes to money. What your parents valued and how you were exposed to money as a child will have a large influence on your fiscal future, so it is important to communicate openly about your past and how it may play into your short- and long-term financial goals.

Something new: As newlyweds, you will no doubt face many new, exciting challenges together. This is a time for many new beginnings, so you will need to make various transitional adjustments as you move forward. First, you will need to complete a number of administrative duties that come with the legal and financial ties of marriage. Make a will or update your will so the list of beneficiaries for your investment accounts and savings accounts includes your spouse. Review your beneficiary designations on your retirement accounts and life insurance policies, since they will override any wishes specified in your will. It is also important to review your life insurance coverage to make sure things are in order, should something happen to you. When it comes to health insurance, you typically have 30 days after your marriage to add your spouse to your coverage without providing evidence of insurability. Also, if you changed your name, be sure to get a new Social Security card and driver's license, and update your accounts.

After these steps are taken, calculate your combined net worth, develop a budget, and decide on the process you will use to manage your financial affairs. Will you have a joint bank account, or will you handle certain bills separately from individual accounts? You also will need to decide which one of you will be responsible for paying the bills and taking care other financial tasks.

Something borrowed: One of the first things you should do as a married couple is work to eliminate credit card debt so you can begin building a nest egg. After the big wedding, you may be better or worse off than the average American, who owes at least $9,000 in credit card debt. Whatever your situation, it is most likely you can't afford to fall deeper into debt than you already are. Money that you've borrowed in the past on credit just puts you further from your financial goals as a couple.

Something blue: When you are building your budget, don't forget to set aside an emergency fund for a rainy day. Develop a regular savings plan, where you automatically defer a portion of your monthly earnings into a separate savings account. During an emotional or unexpected situation, this preparation could prevent the added burden of financial stress at an already difficult time.

As newlyweds, the excitement of life together may seem overwhelming at times, especially when it comes to your financial situation. But if you work together to follow a few simple steps, you can surpass these challenges to establish a solid financial strategy that will carry you into the future.

Provided by Melissa Watson, financial adviser, Wells Fargo Advisors