Financial Tasks for Newlyweds

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

You've had your pre-marriage money talks, sorted through each other's finances, and now you're sitting down for the first time as husband and wife - what comes next? Once the honeymoon is over and it's time to get back to work and resume your daily responsibilities, there are a few more tasks to complete where money and your finances are concerned. Take a look below to learn what they are.

Update your beneficiaries.
Any account that you hold that has a place to list a beneficiary should be updated to include your spouse. Although you can list your new husband or wife as the person who should receive your assets in a will, having them listed as your beneficiary for specific accounts can make the process of transitioning assets much smoother.

Create or update your will.
If you and/or your spouse does not have a will already, now is the perfect time to set one up. Even if you're fairly young, it's always a good idea to have a will set up in case something unexpected should happen. If, by chance, you already do have a will, now would also be the time to update it to include your spouse's information, similar to what we suggested with your beneficiaries.

Review and adjust your insurance.
You probably both have your own insurance for things such as your vehicles, but now that you're married, you may want to consider a joint policy - that could lead to savings on your insurance premiums! Additionally, if you were not living together before but are now, you'll also need to update your homeowners or renters insurance to only have what is applicable to your current situation. Lastly, it's time to look at your health coverage - depending on your careers, it may make more sense to hold one policy for both of you, depending on cost.

Discuss your financial goals.
While this is something you should have done before you got married, it is always important to revisit your financial goals regularly. Now that the wedding has passed and you have already figured out, or taken care of, wedding related expenses, you can really dive into your future and discuss your next steps.

Determine who will handle your finances.
One of you may be better at managing money than the other, and that's perfectly okay! What's important here is that you at least talk about it - will you both be involved with managing the budget? Will you use a software that helps with budgeting? Whatever the case may be, you should at least know who will primarily be handling bills as they come in so that you never have to worry about missed payments due to a miscommunication.

If you didn't have a financial planner before you got married, this is also the time to start working with one. Financial planners are extremely important for families of all sizes, as they can help develop strategies that allow you to keep your finances in check.

Here at American Investment Planners LLC, we have worked with clients all over the country and would love to be your family's financial planner. To learn about the services we offer or to set up an appointment with one of our advisors, please give us a call at (516) 932-5130 or email info@americaninvestmentplanners.com.