After the excitement of the wedding, there are a few matters that need to be sorted after the big day.
Update Your Marital Status
When you get married, there is a myriad of things that need to be done. Possibly the more important matters to tend to first are ensuring that financial institutions and Government departments are aware of your name change.
In most cases, you will be required to present either an original marriage certificate or a certified copy might suffice.
Updating any existing policies is also vital after you get married. In the case of any unforeseen events, policies should reflect the correct beneficiary. Life policies most especially need to be updated.
Set Up A Joint Account For Savings
Depending on how you choose to manage your finances and monthly expenses, you may decide to join your accounts. Regardless of whether you opt to hold joint accounts or not, it is advisable to set up a joint bank account.
Married couples often open a joint bank account. They then decide on a fixed amount each month and each deposit into their joint account. This is an excellent idea for saving towards specific financial goals.
Combining Finances After Getting Married Again
For more mature couples who have been married and divorced or widowed, there are various factors to consider.
After being alone for a significant amount of time, more mature people may become used to their spending and saving habits. Also, significant assets may have been accumulated over time.
This makes it intricate when it comes to merging assets and expenses. One person may have more assets than the other. One person may tend to spend more than the other.
Agreements need to be reached regarding the sharing of funds. Open discussions around each other’s financial situation is vital to ensure transparency.
After you get married, your spouse will move in. It’s essential to make sure that your combined personal belongings are covered. Visit the site to get the best, obligation-free quotes for all your insurance requirements.
If there are two policies in place, it may make more sense to combine your insurance under one policy. Combining policies may result in lower premiums, keeping the same cover.
Many home and auto insurers offer reduced rates for married couples. Statistics show that married couples tend to file fewer claims and behave more responsibly.
Use One Insurance Provider
Combining your personal, household, and motor vehicle insurance may make financial sense all round. By choosing to use one company for all your insurance needs, you can enjoy additional savings. This smart money-saving move may mean you can put extra money away in your savings each month.
To Sum it Up
Getting married is the first step to a partnership. Don’t forget to have these conversations with your significant other. It’s good to be on the same boat about what will happen with finances, insurance, and other obligations before you tie the knot.