Getting married is a big step. Your whole life begins to change. You establish new patterns and begin to pursue new goals. As you take your first steps on your new journey, there are a few things you need to put on your checklist that will help you secure your future. When the honeymoon phase ends and it’s time to get back to your regular life, your next steps will be long-lasting ones that will impact you for the rest of your married life.
Opting for a Name Change
For women, one of the first things they might want to do is legally change their name. While this is normally accomplished by filing your marriage certificate, a few other things go along with filing the appropriate documents with the court. You will need to change your name on your drivers’ license, gun permit, passport, bank accounts, financial accounts, insurance policies, social security card, and more. If you have any important, state-issued licenses, you will need to make changes to those as well to ensure they remain up to date.
Purchasing a Term Life Insurance Coverage
When a new couple is just starting out, they normally don’t have a lot of debt. They may have student loans and a car loan or two, but that is normal for most. The best way to cover those debts and establish a small nest egg for the future is to buy a term life insurance policy. A term life insurance can provide financial coverage for your family in case of your unexpected death during a predetermined period duration. This payout or ‘death benefit’ can be used by your loved ones without any limitations for expenses like mortgage, loan payments, funeral costs, or any other requirements. The policy will gradually mature until it reaches the amount you have chosen. During that time, you may be able to borrow against it as needed. Once it has reached maturity, you can convert it to a whole life policy or cash it out and start all over.
Altering Your Tax Status
It’s important to adjust your tax status on all of your federal income tax and W-2 forms. Depending on your situation, you may choose to maintain your “single” status for a short period or until the end of the year when you are ready to file your state and federal taxes. Although it is not mandatory for you to change your status when it comes to your taxes, it can be beneficial while receiving certain tax credits.
Merging Your Finances or Creating a Joint Account
While many new couples choose to keep an account open in their name, many decide to merge one or more of their accounts. Keeping one account in your name ensures that sufficient money will be available to you if something happens to your spouse and your joint account is frozen. Joining your primary accounts makes it much easier for you to pay all of your bills. It’s best to discuss your relationship’s financial future before marriage. For example, discuss your long-term financial goals, debt-repayment strategy, retirement plans, etc.
Marrying a compatible partner who can be your best friend is the first of many positive lifestyle changes you will make as you move forward on your life journey. The skilled insurance experts at Action Insurance Group can guide you through the many different changes you will have to make once you have officially tied the knot. We can help you check everything off of your list so you can start your new life fresh.
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