You’re Engaged! Now What?
Think back and remember the day you got down on one knee, overwhelmed with emotion, your heart racing, your knees weak, and you asked the person of your dreams to marry you. That moment when they said yes was one of the most memorable days of your life. Now it’s time to start planning for the big day and you want everything to be perfect from the dress to the venue and to the reception!
When you’re in love and caught up in the romance, it is easy to forget the legal side of marriage and that it is a legally binding contract. Here are some things that you will need to add to your to-do list.
Once you tie the knot you may want to make your spouse the beneficiary of your retirement accounts and any life insurance policy you might have. Your agent can also help you add your spouse’s name and their car to your auto insurance policy. You might find that you may qualify for a multi-car discount!
If you are thinking about changing your name after you have walked down the aisle, you will need to request another driver’s license and a new Social Security card. Once you have changed your name, you will need to change your name on every financial account, insurance policies and even credit cards.
Your agent can also assist you in updating your renters insurance policy if you rent. You’ll want to make sure you have enough coverage to help replace all your personal items since you are combining households, and to help cover all the new items and gifts you received for your wedding.
Before you get married, it is vital to have a discussion regarding finances, if you will have joint accounts, who will be in charge of paying the monthly bills, and how much each person will contribute to finances. As a newly joined union, it is important to understand that marriage is more than just a romantic union, but also a financial one as well.