Financial Steps To Take When You Get Married

One of the most significant changes in anyone’s life is getting married. Yet, there doesn’t seem to be a clear step-by-step tool anywhere online to do just that. Here you will find the steps to take before and after your wedding day. It’s important to have very specific money-related conversations with your future spouse prior to marriage!

Before the Marriage:

• Check your credit. Use free sites such as AnnualCreditReport.com. AnnualCreditReport.com will give you the option to access the 3 major credit reporting agencies where you can view your credit report and get a look at the level of debt both of you are in. Sites such as CreditSesame and CreditKarma allow you to view your credit score. Remember that “Credit” is just a fancy word for “Debt”
• Determine if you will combine your finances or leave them separate.
• Calculate whose employer-sponsored health insurance offers the best coverage amount at the most affordable price.
• It is likely one will be the “spender” and one will be the “saver” this is okay so long as you are open with your communication. As the saying goes – if you were both the same the other would be unnecessary.
• Determine where you want to live.
• Start a budget! This can be one of the single greatest long-term things you can do for your financial future!
• Consider using an app that will help you manage your finances together before you get married.

After the Marriage:

• Utilize an electronic way to track all of your documents. One option (less secure) is with either a shared Dropbox folder, Google Drive folder or with a more secure option such as FidSafe.com.  
• Update the beneficiary on all financial accounts. (Life insurance, IRAs, etc) Finances
• Compile all of your financial documents into the place you have determined above. Financial documents include:
  • Last Will
  • Living Will
  • Durable Power of Attorney
  • Trust
  • Marriage License
  • List of Financial Accounts
  • Financial Plans and Budgets
  • Account Statements
  • Life Insurance Policy
  • Health Insurance Card & Policy
  • Auto Insurance Policies
  • Vehicle Title
  • Annual Income Tax Records
  • Credit Report
• Update all financial accounts and documents. I recommend updating the following three documents in the order listed. 
  • Update your Social Security card
  • Update your Driver’s License: Each state is different so make sure to check with your individual state's DMV office.  
  • Update your Passport

Another great checklist is provided by Fidelity Investments.

There is no doubt that getting married is a big step. These steps will hopefully make this transitional step much smoother! Take a look at other financial planning articles and tools.