Franklin Dean
There are a number of legal, insurance, and financial changes that newlyweds may need to make after their wedding. This includes updating name changes, writing thank-you cards, discussing finances, estate planning, and reviewing insurance coverage. If you're changing your name, you'll need to visit your local Social Security Administration office with your marriage license to get a new card, and then get a new driver's license. You may also need to notify your employer, creditors, and insurance providers of your name change. In addition, you should review your health insurance options and decide whether to sign up with your spouse's health insurance or keep separate plans. It's also important to discuss your financial goals and decide whether to combine your accounts or keep them separate.
Characteristics of what to change after a wedding:
| Characteristics | Values |
|---|---|
| Marriage certificate | Obtain a certified copy of your marriage certificate. |
| Social Security card | Notify the Social Security Administration of your new legal name. |
| Driver's license | Visit your state's DMV to obtain a new license with your new name. |
| Passport | If changing your name, wait until after your honeymoon to avoid travel issues. |
| Prenup | Get this document updated. |
| Insurance | Add your spouse to your insurance plan and consider updating your coverage. |
| Will or trust | Update to name your spouse as your beneficiary. |
| Bank accounts | Update your name with your bank. |
| Credit cards | Update your name and address. |
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What You'll Learn
Changing your name
Once you've decided on your new name, you'll need to get a certified copy of your marriage certificate. This is different from your marriage license, which is what you signed during your wedding ceremony. You can usually request certified copies of your marriage certificate for a small fee.
Next, you'll need to update your name with the Social Security Administration (SSA). This is the first step in the name change process, as other entities will refer to the SSA's database before approving your name change on other documents. To update your name with the SSA, you'll need to fill out Form SS-5 and file it with your local SSA office, along with your marriage certificate, a valid identity document, and sometimes proof of U.S. citizenship or lawful residence status. You should receive your new Social Security card in 10 to 14 business days.
Once you have your new Social Security card, you can move on to updating your name on other documents, such as your driver's license, passport, bank accounts, credit cards, insurance cards, and financial accounts. Don't forget to update your name with your employer, voter registration, and any other companies or services you use. It's also a good idea to send out wedding announcement cards to share your new name with your social circle.
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Updating your insurance
Marriage is a significant life event that necessitates a review of your insurance policies to ensure they align with your new circumstances. Here are some detailed instructions to help you navigate the process of updating your insurance after your wedding:
Health Insurance:
Health insurance is an essential aspect to consider after getting married. You have the option to enrol in a new plan, add your spouse to your existing plan, or be added to your spouse's plan. It's important to note that you usually have a limited time frame, often 60 days from your wedding day, to make these changes.
When deciding on health insurance, consider the following:
- Individual or joint coverage: You can either maintain separate individual plans or opt for a joint policy.
- Employer-sponsored plans: Evaluate the health insurance options provided by your employers. Compare the costs and benefits of enrolling in one of these plans or combining coverage under one plan.
- Monthly premiums: Understand the monthly costs associated with each plan and decide what fits your budget.
- Provider networks: If you wish to continue seeing certain doctors, check if they are included in the provider networks of the insurance plans you're considering.
- Medications and coverage needs: Discuss any regular medications and specific health needs you or your spouse may have. Ensure the plan covers any necessary prescription drugs and offers adequate prenatal/maternity benefits if you plan to start a family.
Other Insurance Considerations:
In addition to health insurance, there are other types of insurance you should review and update after getting married:
- Life insurance: Update your beneficiaries on your life insurance policies to include your spouse.
- Home and auto insurance: Review your home and auto insurance policies, and consider combining them to streamline coverage and potentially reduce costs.
- Travel insurance: If you're planning a honeymoon or frequent travel, ensure you have adequate travel insurance in place.
- Other specialized insurance: Depending on your circumstances, consider other types of insurance, such as pet insurance, critical illness insurance, or personal medical alert systems.
Remember, it's important to consult with a financial advisor or insurance professional to help you navigate these decisions and ensure you have the right coverage for your new life together.
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Managing finances
Combining Finances
One of the first decisions you'll make as a married couple is whether to combine your finances, keep them separate, or opt for a combination of both. There are advantages and disadvantages to each approach. Combining finances can simplify budgeting and expenses, especially for shared goals like rent, utilities, and groceries. It can also provide benefits like reduced fees for joint credit cards and insurance policies. However, combining finances requires trust and honesty, and it may lead to conflicts if spending habits differ significantly.
On the other hand, maintaining separate accounts can provide a sense of autonomy and help avoid arguments over spending habits. Yet, separate accounts may require more planning and communication to ensure fairness in shared expenses.
Practical Steps:
- Review your financial goals and aspirations: Discuss your individual and shared dreams, such as buying a house, taking vacations, or starting a family. This will help you understand your financial priorities.
- Create a budget and savings plan: Work together to establish a household budget that aligns with your goals. Consider using the 50/30/20 budget rule, allocating 50% of your income for needs, 30% for wants, and 20% for savings.
- Decide on the type of accounts: Choose whether to have joint accounts, separate accounts, or a combination. If you opt for separate accounts, consider setting up a ""side stash" workaround, where you each have individual checking accounts and automatically transfer a fixed amount from your paychecks deposited in the joint account.
- Update beneficiary designations: Review and update the beneficiary designations on your financial accounts, including 401(k)s, life insurance policies, and investment accounts, to reflect your new marital status.
- Notify insurance providers: Contact your auto and home insurance companies to inform them of your marriage. Married couples often qualify for lower insurance rates, and you may also be eligible for multi-car and multi-policy discounts.
- Review health insurance options: Evaluate your health insurance coverage as a couple. Marriage changes how you qualify for subsidies under the Affordable Care Act, and you may need to adjust your coverage or explore other options through your employers.
- Adjust tax withholdings: Discuss how you plan to file taxes, whether jointly or separately, and update your withholdings accordingly. Marriage can impact your tax obligations, and you don't want to be surprised by an unexpected bill.
- Regularly review and adjust: Schedule regular check-ins to review your finances and make adjustments as needed. This ensures continued transparency and alignment with your financial goals.
Remember, combining finances can be an emotional and challenging process, so approach it with honesty, objectivity, and a willingness to compromise. By working together and staying focused on your shared dreams, you can establish a strong financial foundation for your married life.
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Creating a will
After getting married, there are several legal, insurance, and financial matters that newlyweds need to address. One of the most important tasks is creating or updating your will. Here is a step-by-step guide to help you through the process:
Understand the importance of creating a will:
Firstly, understand that creating a will is crucial for ensuring that your wishes are carried out in the event of your death. It allows you to decide how your assets will be distributed and can provide peace of mind for you and your spouse.
Gather necessary information:
Before creating your will, gather all the relevant information. This includes taking inventory of your individual and collective assets, such as property, investments, bank accounts, and valuable possessions. Additionally, consider any existing debts or financial obligations that may impact your estate.
Decide on beneficiaries:
Discuss and decide who you want to include in your will as beneficiaries. Typically, spouses are considered the primary beneficiaries, but you may also want to include other family members, friends, or charitable organizations.
Choose an executor:
The executor of your will is responsible for carrying out the instructions in your will. You can choose your spouse, a trusted family member, or a professional such as a lawyer or accountant. It is essential to select someone responsible and capable of handling the administrative tasks involved.
Consult with a legal professional:
While online templates and resources can provide guidance, consulting with a qualified lawyer specializing in wills and estates is highly recommended. They can help you navigate the legal complexities, ensure your will complies with state laws, and advise you on tax implications.
Review and update regularly:
Life circumstances can change, and it is essential to review and update your will periodically. Major life events, such as the birth of children, acquisition of significant assets, or changes in your health status, may require modifications to your will. Aim to review it at least once every few years or after any significant life changes.
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Health insurance options
Marriage is a life-changing event, and with it comes a host of adjustments, including health insurance. Here are some options and considerations for health insurance after tying the knot:
Understanding Qualifying Life Events and Special Enrollment:
Marriage is considered a "qualifying life event," which means you and your spouse can make changes to your health insurance plans outside of the standard open enrollment period. This special enrollment period typically lasts for 60 days after your wedding, and it allows you to enroll in a new plan or make changes to your existing coverage. Keep in mind that special enrollment may have certain restrictions, such as only allowing you to add your spouse to your plan or enroll them separately, with less freedom to change plans.
Employer-Sponsored Coverage:
If one or both spouses have health insurance through their employer, you may consider adding your spouse to that plan. However, it's important to understand the cost implications, as adding a spouse may result in higher premiums. Compare the details of each plan, including provider networks, premiums, and deductibles, to make an informed decision. Additionally, consider your specific health needs and whether you wish to continue seeing your current doctors.
Family Health Insurance Plans:
Marriage allows access to family health insurance plans, which typically offer discounts due to covering multiple individuals. These plans can be obtained through an employer or purchased privately, from state or federal marketplaces. Family plans may be more affordable than separate individual plans, but it's essential to research and understand the coverage and costs involved.
Alternative Options:
If you miss the special enrollment period, you may have to wait until the next open enrollment period. In the meantime, consider alternative options like short-term health insurance, accident insurance, or critical illness insurance to provide some coverage in case of unexpected events. These options can offer temporary peace of mind while you wait for the next opportunity to enroll in a more comprehensive plan.
Health Insurance for Name Changes:
If one spouse decides to change their last name after marriage, it's important to update this information on your insurance card and any other health-related documents. Changing your name with the Social Security Administration (SSA) should be a priority, as other entities will refer to their database for approving name changes on documents like your passport. Obtaining multiple certified copies of your marriage certificate can streamline this process.
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Frequently asked questions
The first step is to obtain your marriage certificate. This is different from your marriage license, which is what you obtain in order to get married. You will need to file your marriage license in a timely fashion, as you may only have 10 days to return it to the relevant office.
If you are changing your name, you should then notify the Social Security Administration (SSA) of your new legal name. You will need to include a certified copy of your marriage certificate, a valid identity document, and sometimes proof of your citizenship or residence status.
You should then update your driver's license or state-issued identification card. You will need your new Social Security card and marriage certificate to do this. If your license doesn't have your current address, you will also need to provide proof of residency.
You may also need to notify your financial institutions, creditors, doctors' offices, and insurance providers. You should also consider adding your spouse to accounts and updating estate planning documents.
If you do not change your name, you will have significantly less paperwork and updates to complete. However, you may still need to update your insurance, payroll information, and tax forms after getting married.
