getting married

Finding the person you want to share your life with is a wonderful thing. Once you start planning to make that partnership official, take some time to consider the financial side of the relationship.

Bills, credit scores, debt, savings, retirement, and future goals for your money should all be topics on your “to-do” list.

There are so many financial topics couples should be addressing together — and yet generally don’t, according to an article by LearnVest Inc., a financial planning program.

In fact, keeping money secrets can be worse than arguing about it, the  LearnVest article reported.

Perhaps no life event triggers as many emotional peaks as getting married. Let us help you make the ride less stressful.

 

The Ring: Finding the perfect one.

The perfect engagement ring for that perfect person.

Take this quiz to see what style of engagement ring is perfect for you.

 

The Engagement: What now?

Many people consider the engagement period as simply the time to plan that dream wedding. But, it’s also a good time to have the difficult talk about finances. Work out the nitty-gritty details you may have only touched on while dating. Schedule pre-marital counseling if that is required by your wedding officiate. Think about things like: Will you buy a new home together? Do you want to go back to school? Do you want to have children? Will one parent stay at home (leaving you with only one income)? Now is the time to discuss these types of situations with your partner, so you can start planning for whatever path you choose.


What kind of legal considerations do I need to be aware of?

 

The Wedding: Staying on track until the wedding.

 

The Honeymoon and After.

Consider buying  travel insurance 2 to protect your honeymoon trip from unforeseen disasters. A basic policy generally covers the non-refundable costs of a trip up to certain limits. It can also offer medical coverage and assistance for various emergencies. It most often kicks in for matters beyond the traveler’s control; such as illness, to the airline canceling a flight because of a storm, to your missing a flight because you got in an accident on the way to the airport.

 

Other things to consider after the wedding:

Should we combine our finances?


Changing Your Name

Of all the things you have to do before the wedding, this one can only be done after the big day. You have a marriage certificate with your new last name on it, but you must still officially change your name.

If long lines at the Social Security and driver license offices frighten you, consider buying a name-change kit. Some places may require an in-person visit to alter a name, while others will let you change it over the phone or by letter. Find out what the protocol is for each place on your list, as the rules and documents required may vary. Make sure to update your address at the same time if you have moved to a new residence.

Use this helpful checklist for  changing your name after marriage.

Some entities to notify of your legal name change include: Social Security Administration, Department of Motor Vehicles, financial institutions, employer or school, insurance accounts (life, auto, home), post office, and voter registration board.
Redstone Federal Credit Union® 3 accepts any of the following for a name change: certified marriage license, driver license with new name, military identification with new name, social security card with new name, divorce decree, or court-issued document.

A certified marriage license or certificate is required in most of the cases.

Don’t change your name before the honeymoon. Your new name has to match all travel documents, most importantly, your passport. Processing name changes on passports generally takes anywhere from four to six weeks.

 

Life Insurance and Living Wills

Purchasing  life insurance 4 can enable you and your spouse to weather any financial hardship in the case of a spouse’s death. Life insurance provides a generally tax-free lump sum income to your survivors in the event of your death.

To relieve stress and make sure your wishes are carried out: create a living will or health care directive; appoint a power of attorney; designate beneficiaries on your retirement accounts; and put a partner’s name on any individual bank accounts.


Second Marriages

If you’re thinking about getting married for the second time, planning for your finances can become more complicated, especially if you have children from the prior marriage. Blended families have special planning needs to avoid confusion and ensure assets are distributed as the owners intend.

In a perfect world, your children would have a wonderful relationship with your new spouse; however, that may not be the reality for some families. Even if things seem to be going well now, family members can disagree about who should be in charge of your healthcare, finances or property in the event of your incapacity or death. You can minimize these issues by having the appropriate documents in place that clarify your wishes.

Now that the financial and legal matters are handled, it’s time to start planning your special event. Remember, you can invite anyone you want to your wedding, says the blog of second wedding etiquette:  I Do Take Two. You may want to avoid inviting former in-laws and ex-spouses, even if you’re on good terms. They may become a bit melancholy, and some guest may feel awkward around them.

Since most couples pay for, and plan, a second wedding, discuss your budget realistically and stick to it, while sharing all of your dreams and expectations with each other. This is a second chance to make your wedding your own – your plan, your style.

1 Redstone Federal Credit Union (RFCU®) and WeddingWire.com are separate entities. RFCU does not warrant, guarantee, or insure any product, purchase, or service offered by WeddingWire.com.
Redstone Federal Credit Union (RFCU) does not warrant, guarantee, or insure any service or product offered by any insurance companies. RFCU and insurance companies are separate entities.
3 Must be eligible for membership and open a share savings account to join RFCU, and obtain any products or services. A minimum balance of $5 is required to open and must be maintained in the share savings account at all times. Age and other restrictions may apply.
 4 Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. The investment products sold through LPL Financial are not insured Redstone Federal Credit Union deposits and are not NCUA insured. These products are not obligations of the Redstone Federal Credit Union and are not endorsed, recommended or guaranteed by Redstone Federal Credit Union or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible. Redstone Federal Credit Union and LPL Financial are separate entities.

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