This is an exciting time of your life and we hope you enjoy every moment. We also want to make sure you’re prepared for all the ways being married could change your financial goals. Being a couple can bring many financial benefits—and definitely changes—and that’s why it’s so important to talk about them now. With a little help, you can know what decisions you need to make to start your married life right.
Disagreements about money are one of the leading causes of divorce, so before you say “I do”, you need to have an honest conversation as a couple about your financial goals. Now is the time to bring everything up.
Be honest about both your financial resources and your debt –all of it. Discuss how your family handled money, what habits you picked up, and what you’d like to accomplish financially. Make decisions about how you will handle money as a couple – will you share financial accounts or keep them separate? Will one of you be responsible for paying all the bills, or will you divide and conquer. Do you share the same financial goals? If not, can you reconcile with your differences? Conversations about money and finances can be difficult and awkward. Do it anyway. Airing all your fears and dreams about money now can save you heartache later.
If you both have employer-sponsored plans, you probably have nothing to worry about. But if one of you doesn’t have health insurance, or pays privately, you may be able to save money by adding the non-covered spouse to the other’s employer-sponsored plan. Because marriage is a major life event, most plans will allow you to add new coverage outside the annual election period. But it’s a limited window of time, so contact the human resources department and ask about your options.
You probably never considered life insurance when you were single. Getting married is a good time to start thinking about it. You’re going to be making plans and acting on dreams that depend on two incomes – someone’s depending on you being around. You can protect each other with a life insurance policy. And don’t be scared off by what you think you know. There are many different life insurance options that can be tailored to your needs--and they can offer benefits beyond income replacement. Even if you’re not ready to buy, now is a good time to talk about options with your insurance provider.
More times than not, bundling auto insurance premiums can help save you money, so this is something you’ll want to discuss. Even if you keep separate policies, you’ll want to make sure your policy covers your spouse if you’re sharing vehicles.
You may be coming into your marriage with few assets, or with many. The same is true of your spouse. Adjust your home insurance accordingly. If you’re moving into your spouse’s dwelling, or they are to yours, don’t assume that all possessions are automatically covered by the existing policy. Meet with your insurance representative to go over policy details and make sure you have the coverage you need – coverage that includes both of you.
We’re happy to discuss these topics and answer any insurance questions you may have as you begin your married life. Call or contact See-Mountain Life & Health, Auto & Renters Insurance Specialist today. We’re happy to help.
