There are many nice low cost index funds in your 401k, so there are probably several good ways to build a portfolio that will make sense for you.
A 4:1 mix of S&P 500 to small cap will approximate the total domestic stock market.
Wiki article link: Approximating Total Stock Market
I prefer Vanguard's Total International over the EAFE fund. An EAFE (Europe, Asia, Far East) fund covers large cap companies in developed markets outside of North America. The Vanguard Total International fund covers all that plus Canada, emerging markets, and international small cap stocks, and so is more diversified.
Nevertheless I suggest owning some international in the 401k. The 401k is the largest account, and the IRA will not be recieving any more contributions. Its important to have all basic fund types in the 401k for ease of managrement, so that you can easily do your rebalancing. Wiki article link: Rebalancing
Here is a portfolio idea for your consideration, using a 75/25 stock/bond allocation, with international at about 30% of total equities, all percentages rounded off.401k
(76%; $70k; contribute enough for match, ~ $7k/yr, plus match of ~ $7k/yr)
25%, US Bond Index, er = 0.06%
27%, S&P 500 Index, er = 0.02%
10%, Russell Small Cap Index, er = 0.06%
10%, International Index, er = 0.09%,
04%, Employer stock, <= assuming you are required to or want to keep thisRoth IRA
(24%; $22k; no longer contributing)
12%, S&P 500 Index Admiral Shares (VFIAX), er= 0.05%
12%, Vanguard Total International Stock Index Fund Admiral Shares (VTIAX), er= 0.16%
Once you decide on a plan, its best to execute it all at once rather than in stages over many months.
Here is some information for you about pros/cons of Roth 401ks -- http://thefinancebuff.com/case-against-roth-401k.html
; and viewtopic.php?f=1&t=104122&newpost=1523869
. I would suggest continuing to use the traditional 401k.
I do also suggest that you read one or two books from the General Investing section of this reading list -- http://www.bogleheads.org/readbooks.htm
. That will help you understand the reasons for the suggestions given, and also help you to manage the portfolio in the future.
The debts do present a challenge. In general the investing priority should be :
1. Contribute enough to the 401k(s) to get the full match offered (its free money, never turn down free money);
2. Pay off higher interest debt (anything higher than the rate for ultra safe bonds).
Wiki article link: Paying down loans versus investing
; and Wiki article link: Prioritizing investments
. In other words, after getting the free money in the match of the 401k(s), the next best "investment" is paying off the loans, and that should take prioity over any other investing. Paying off a 5% loan is like getting a risk-free guaranteed return of 5% on your investment, you can't get a 5% guranteed reurn on investment anywhere else that is safe.
As mentioned sometime after the marriage you both should take a look at this again, so that you can make the best possible joint portfolio by mixing together the best choices in both 401ks.
I hope that this helps.