Wedding vows: check. Awesome reception: check. Relaxing dreamy honeymoon: check. Now what?
It’s easy for couples to get caught up in the midst of planning and executing a wedding. It’s a very big day for couples, and it requires a lot of attention to detail for several moving parts and pieces.
But once the festivities have wrapped up and you’re ready to start day-to-day life with your new spouse, there are several housekeeping items that need to be addressed, and we don’t just mean unpacking and organizing all your registry gifts.
If you or your spouse plan to change your last name, you’ll need to make a trip to the Social Security Administration office. Make sure you have all of the paperwork you need. Once that step is complete, you’ll be able to have your ID changed with your new name.
Do you plan to have separate accounts? Joint accounts? Both? These are important discussions between couples. Once you have made a decision, ensure that your bank(s) know of and name changes and account changes.
If you or your spouse have insurance policies or other documents with beneficiaries in place, they may need some updating. Review with your CPAs, financial advisors, and attorney if any documents need updating to ensure you and your spouse are on the same page regarding assets. This includes any retirement plan accounts, such as 401(k).
If you and your partner are offered health insurance where you are employed, you should both take a look at your options. Compare your plans’ coverage, deductibles, networks, and costs before making a decision. You could save hundreds in the long run.
Similar to health insurance, we suggest shopping around for the best car insurance rates. Ask your provider about umbrella plans in addition to individual plans.
Of course, you should talk to your CPA or accounting professional about filing taxes with your spouse. You have different options for filing, so it’s important to evaluate what works best for you and your spouse.