Just Married
Author:
Maritime Life
What
to consider after you’ve walked down the aisle
You’ve
exchanged your vows and basked in the excitement of the day. Now that the
honeymoon is over and you’ve settled into your new life together, it’s
time to take a deep breath and talk about the one thing you've likely neglected
so far: the family finances.
It's
not something that's top-of-mind for most newlyweds, yet having a discussion
on money is a definite must. According to research firm Roper/Starch, 57%
of couples say that money is their most important concern. Now that you're
married, you'll not only have to deal with your own goals, income and expenses,
but you'll also have to anticipate and plan for your better half's agenda.
In addition, you’ll want to make sure you take steps to protect your
new family unit from the unexpected events that could jeopardize your financial
security.
Where
to start? A good place is with your goals and expectations. How do you each
feel about money? What do you want to accomplish individually and as a couple?
How will you have to adjust your expectations so you each get what you need
while staying on an even keel financially?
Keep
in mind that you won’t always see eye-to-eye on issues. Your partner’s
penchant for spending might clash with your desire to save. Or, maybe you’re
a high-risk investor, while your partner tends to be more conservative. Setting
up individual investment accounts is one way to resolve your financial differences.
Another is to compromise, balancing your family finances to meet both partners'
needs.
Marriage
should also trigger a review of your insurance benefits. If you plan to have
children, the time to buy insurance is when you're young and healthy. The
longer you wait, the harder it may be since even a small change in your health
may limit your options. And insurance definitely costs more as you get older.
Unless
you made your will in contemplation of your marriage, as soon as you say
your vows, any previous will is automatically revoked. It’s time to
write a new will. While you're at it, consider giving financial and medical
powers of attorney... just in case. You may want to read our article, Estate
Planning, for more information on this subject.
Throughout your marriage, you'll face many challenges. If you think chronic
snoring or raised toilet seats are turn-offs, wait till you see what unresolved
financial differences do to love. Talk about your financial goals and needs.
You’ll prosper together.
To
help sort through your options, consider the advice of a professional advisor.
Independent financial advisors have the skills to help you assess your situation
and create the life insurance policy that’s best for you.
