The practicality of day-to-day life together begins once the wedding is over. In addition to dividing household responsibilities, couples will also need to determine who will pay the bills, track , review bank statements and more. Although it’s not necessary to assign each task to one partner, it is critical to have a system in place to ensure these tasks get done. Here are a few financial and estate-related items that recently married couples should consider.
Review Your Beneficiaries
Go through each of your accounts – including superannuation and insurance – and ensure the beneficiaries listed are accurate. It’s useful to see a financial planner to make sure your estate is divided in the way you wish it to be.
Revisit Your Insurance
When you get married it’s important to sit down and review your private health cover and life and car insurance. Review whether your cover overlaps in certain areas, or whether you could be saving money by combining cover.
Changing Your Name
It’s important to notify certain organisations if you change your name when you marry. You should notify your state’s Births, Deaths and Marriages departments. Change your name on all important documents and accounts, including on your driver’s licence.
Develop a Budget
Whether you already have individual budgets and want to combine them or you are new to budgeting, marriage marks an important time to sit down and create a plan for your spending and savings. Your new budget should reflect your shared living situation and both of your incomes and expenses.
A prenuptial agreement outlines how assets will be divided if the marriage ends. While some people consider prenuptial agreements to be unromantic or to represent a lack of faith, others feel they can ensure some security for both partners and help them know what to expect in the event the marriage ends.
It may be wise to develop a prenuptial agreement if either spouse has:
• Wealth to preserve
• Children from a previous marriage or relationship
• Ownership of a company
• An expected inheritance or other assets
• Ongoing family-related financial obligations
• A much higher income than the other partner