Find some time to discuss
these topics before walking down the aisle.
1. Combine it all, keep it separate, or a little of both; consider what strategy will work best for the both of you when setting up your bank accounts.
2. A little mystery keeps things interesting – but not when it comes to your future spouse’s financial investments! We live in an electronic world, where many of us keep our investments online with no paper trail. Will your spouse know how to access all your accounts if something happens to you? Many brokers no longer mail necessary tax forms and require them to be printed from their websites – make sure you both know how to gain access.
3. Know what financial baggage each of you brings to the relationship. Do you have a huge debt to pay off, have you filed for bankruptcy, and are you up to date on required tax filings?
4. Evaluate your health – insurance, that is. Will you combine coverage to save money, or keep separate policies? If you have coverage through the Health marketplace, you’ll need to re-evaluate your coverage. Consider getting new quotes for car, home or renter’s insurance, and an umbrella policy if you own a home.
5. Ask your tax advisor about adjusting your tax withholding. Your tax situation changes once you’re married and could result in a bigger (or smaller) tax bill. Plan ahead to make sure you know what to expect to avoid an unwelcome surprise at tax time.
6. Evaluate and maximize your retirement strategies. Your marriage and the resulting combined income may impact your ability to continue making IRA contributions.
7. Draft your wills! This is at the top of the list of must do’s, but understandably gets put off since no one likes to think about death.
By: Honorine M. Campisi, Senior Tax Manager
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