First comes love then comes finances. Months leading up to your big day were probably a fog of checklists and preparations. Once you say, “I do,” planning doesn’t end. Name changes and a new life partner pose revisions in accounts and money plans. Don’t forget important post-marriage steps.
STEP 1
Get certified copies of your marriage license. This vital record is worth more than your ring. Once you have the official copies, life changes begin.
STEP 2
Contact the Social Security Administration to change your name in their records. You will use Form SS-5 along with a copy of your marriage license. This will ensure tax withholdings go to the proper account and your benefits go to your hubby.
STEP 3
Wait in line at the DMV. You can use your new social security card to get a new driver’s license. Also inquire about changing your voter registration details.
STEP 4
Have your work records and benefits updated. You will have to decide which spouse has the better health benefits plan and name new beneficiaries. It may be shocking to receive your first paycheck with a new name printed on it.
STEP 5
Life insurance is another benefit change you cannot forget. Without official changes, policies are not protected for your partner. Car and home insurance also need your attention.
STEP 6
Go to your bank. Some banks require a visit for account name changes. They will need that new drivers license. While you are there, take care of any loans and mortgages too.
STEP 7
All other financial plans need a review and update. Name changes on IRA beneficiaries and property titles are a must. This will also give the newlyweds a chance to get to know each other’s finances and set up retirement plans.
STEP 8
Link your credit and order new cards. Credit checks should reflect you and your spouse. Hopefully you thought this out before jumping the broom.
STEP 9
Make an appointment with your attorney and CPA. Your estate and tax filing status need necessary adjustments. Planning never ends. Now a spouse is added into the financial equation. Then other additions, like babies, create similar changes.
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