Pre-Marriage Financial Checkup

Before you tie the knot, be sure you’ve tied up your loose ends financially! Whether you are getting married at age 20 or 90, everyone needs to consider protecting his or her interests when it comes to finances. Here is a checklist to consider in order to put your minds at ease before you walk down the aisle.

1. Find a trusted consultant to help you through this life change
   Carl Delmont has been counseling people on finances and credit for almost 20 years. He is also licensed in mortgage and divorce planning.
   
   
2. Change your beneficiaries
   You need to review all investment accounts, 401 (k) plans, IRAs, insurance policies and other accounts and how you have your beneficiaries designated. Keep in mind who you want to own your assets upon your death—your new spouse, children, grandchildren, etc. and designate those wishes.
   
   
3. Update your will
   While we are on the topic of making your wishes known, be sure to update this important document.
   
   
4. Update your insurance coverage
   Find out if you need additional coverage or even need to drop certain policies so you aren’t duplicating coverage. For example, if you each owned a home or rented prior to combining your households, you’ll want to drop one homeowners or renters policy
   
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5. Update your ID
   Go to www.ssa.gov to change your name and get an updated Social Security ID. Not only do you want to have the correct name reflected on your ID, you want to make sure your retirement account with the government is properly credited. Additionally, get your new drivers license — call your local Dept. or Motor Vehicles for details
   
   
6. Determine your joint financial status
   R review credit cards and debts by examining your credit reports. Find out your net worth by looking at bank accounts, investments and credit card statements. You can gain a perspective by looking at your combined assets and debts.
   
   
7. Create a monthly budget
   B by looking at your monthly net income and subtracting your monthly expenses you can figure out your monthly budget. It helps to look at your budget in terms of what is comfortable in real life, not what looks good in theory on paper.
   
   
8. Joint account or not?
   Decide whether to combine your money into a joint account or to keep separate accounts or a combination — you can keep separate accounts and keep one joint account for household expenses.
   
   
9. Who’s the bill payer?
   Decide who is responsible for paying the bills. Many times one partner is more proficient at handling financial matters, but both should be involved in financial decisions.

The number one cause of divorce: disagreements about finances. Don’t let money come between you and put a damper on wedded bliss! Be open and understanding toward each other about your financial health as a couple. If you take the time to cover these issues before you marry, it will help ensure a happily ever after for your and your spouse!