When you weave two lives into a marriage you also sew your own new cloth of a combined economy. Its fineness and detail are unique to the couple but the essential financial matters are common to the fabric - the forms of property ownership, and how money should be managed, and whether and how much life insurance to buy.
Even as a hypothetical proposal one of the first mental processes to form in the mind of the dreamer bears some semblance to budgeting. It soon becomes quite clear that marriage entails costs and that those costs evaluated over time constitute their very first budget together.
After the couple has become one there arise needs over time to secure the evolving assets in the marriage through new kinds of property and liability insurance and through sharing of long-term goals with one another via coordinated financial planning.
Truly successful marriages last so long that one person in the couple inevitably becomes disabled or passes away before the other one - so compassionate and thorough planning also takes these eventualities into consideration.
After dancing your first dance, tossing the bouquet and escaping in a decorated car, you still have a few more things left on your to-do list:Financial Accounts:
- Add husband to your accounts.
- Add your name to his accounts.
- Open joint accounts.
- Order new ATM/Debit cards
If you’re changing your last name:
- Change beneficiary on your life insurance policies.
- Change beneficiary on your retirement policies.
- Add husband to health insurance.
If you’re moving to a new address:
- Order your new Social Security card (700 SW Higgins, Ste 5).
- Get new Driver’s License.
- Change your name loan accounts, student loan accounts, and insurance policies.
- Change your name on utility bills (power, water, phone, etc.)
- Fill out change of address card at U. S. Post Office
- Send out change of address card to family and friends.