Getting married or recently tied the knot? Congratulations: You're joining 4 million1 other Americans this year in making the leap to a life together. These questions before marriage and checklists for after getting married can help cement your future.
What to talk about before marriage:
- Debt: How much do you and your partner each have? What's your plan for paying it off?
- Credit ratings: Know your credit scores. Once married, each of your credit ratings will affect your joint ability to obtain loans for cars and a home.
- The status of your money: What do each of you make? Are you comfortable sharing money? If not, who will be responsible for paying bills?
- The future of your money: What are your expectations about career and work?
- Children: Do you agree on having or not having children? If so, what are your plans for careers and childcare?
- Retirement: What are your dreams for post-work life?
- Name: Will one of you change your name?
Things to do before marriage:
- Obtain a marriage license, usually from a county clerk in the state in which you want to be married, as well as pay a fee.
- Get a blood test; some states still require one.
- Determine if a prenuptial agreement is right for you — particularly if you have substantial assets.
- Show proof of divorce or annulment of a previous marriage, or death of a previous spouse.
- Wait. Some states have waiting periods from the time of the license issuance until the permissible time of the ceremony.2
What to do after you get married:
- Update your paperwork, including all retirement account and life insurance beneficiaries and name changes.
- Look at health insurance. Does one spouse's work plan make more sense for your whole family?
- Review auto, home or rental insurance; add life if you don't have it. You may be eligible to receive a discount for adding additional policies.
- Create or update a will. Establish your spouse as your beneficiary.
- Consider additional documents, such as a Power of Attorney or Living Will.
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How State Farm Can Help This Go Right:
Your agent can answer questions about combining insurance policies with your spouse.
Footnotes
- 1.https://www.cdc.gov/nchs/nvss/marriage_divorce_tables.htm
- 2.http://marriage.about.com/od/marriagelicenses/qt/licensebasics.htm
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