Life Events

Getting Married
Getting married is a perfect time to review all of the following:

Names and/or addresses on important accounts and documents to ensure accuracy such as:
• Social Security
• Bank accounts
• Credit cards
• Drivers license, auto registration, and insurance
• Property titles
• Insurance policies
• Memberships
• Voter registration
• Employee records

Your Will
You should each review your wills and be sure that they reflect your new marital status. If you don't have a will, it's time to create one.

Retirement Plans
Review retirement plans and change beneficiary designations as necessary.

Property Ownership
Look at the title for property you own, as well as establish a plan for future purchases, such as a home. Keep in mind you and your new spouse can take advantage of your unified purchasing power.

Prenuptial Agreements
Consider a prenuptial agreement. A prenuptial agreement is a legal document that specifies the assets a couple brings to a marriage. It indicates which assets will remain individual and which become joint property, to what degree future assets will be shared or kept separate after the marriage, and how assets should be disposed upon death.

Taxes
You will have to decide whether to file your income taxes jointly or separately. If you or your spouse does not have earned income, consider changing the number of deductions on your W-4.

Life insurance
If you have insurance, getting married is an important time to review your life insurance beneficiaries. If you don't have life insurance, you should consider acquiring some to reflect your increased responsibilities.

In general, you should have enough life insurance to enable your surviving family members to maintain their current lifestyle. Even if one of you does not have an outside job, you both have the need for life insurance coverage.The death of the stay-at-home spouse could cause hardships associated with housekeeping and child care.

Life insurance is important for you and your spouse, but especially important if you have children. Should you die, your spouse will have to provide for your children's food, clothing, shelter, and education costs. Your life insurance should be adequate to cover these costs.

In order for your spouse to receive payment when you die, you must name your spouse as the beneficiary of your life insurance policy. Even if your will designates your spouse as the life insurance policy’s beneficiary, the policy's beneficiary designation takes precedent.

If you have children, you may want to list them as secondary, or contingent beneficiaries, allowing them to receive payment if your spouse, the primary beneficiary, dies before you do. This will also make it easier for your children to receive payment should something happen to you and your spouse simultaneously. Minor children cannot receive the proceeds of a life insurance policy directly. In order for minor children to receive any payment from a life insurance policy, a trust must be established and a trustee named to manage the trust on behalf of the children.

If you already have a life insurance policy getting married is a good time to review the beneficiary designation and name your spouse as the beneficiary and children as the beneficiaries.

Health Insurance
If you and your spouse work, and have employer-sponsored health insurance, you should review, and possibly integrate, your coverage after marriage. Compare monthly premiums, deductibles, co-payments for routine and emergency care, participating doctors and hospitals, and additional coverage provided, including dental, vision care and prescription drugs, before making any decisions.

The cost of coverage for married couples is generally less than for individuals. Before dropping your health insurance coverage be sure you can re-enroll if necessary. For example, if your spouse changes jobs you may want to resume coverage under your old plan.

If only one of you has health insurance, take advantage of the 30 to 60 day window most companies allow to add a spouse to a health insurance policy.

If you have additional questions on the implications of this life event or would like to discuss your own situation, contact a financial professional today.