Congratulations! You said “I do,” celebrated with family and friends, and hopefully enjoyed every minute of your wedding day. Now that the flowers have been put away and the thank-you notes are being written, there are a few less exciting, but important things to take care of.
Marriage often means more than changing your last name. It can mean updating everything from your driver's license to your insurance, beneficiaries, and taxes. Here's a helpful checklist to get you started.
Change Your Name—If You Choose To
If you're taking your spouse's last name, or changing your name in another way, you'll want to work through several updates.
Start with the Social Security Administration. Your Social Security record should be updated before you update other important documents.
Then move on to your:
- Driver's license or state identification
- Passport
- Voter registration
- Employer records and payroll
- Bank and investment accounts
- Credit cards
- Mortgage or other loans
- Professional licenses
- Insurance policies
- Medical records
- Utilities and other accounts
Tip: Make a list of every place that has your name and work through it one at a time. It can feel like a lot, but checking things off the list makes it much easier!
Update Your Driver's License
If you've changed your name or address, don't forget your driver's license or state ID. Check your state's requirements for what documentation you'll need and whether you need to make an appointment.
And while you're at it, update your vehicle registration and any other records maintained by your state.
Review Your Health Insurance
Marriage is generally considered a qualifying life event, which may give you the opportunity to make changes to your health insurance outside of the normal open enrollment period.
Compare your coverage and premiums with your spouse's plan and determine whether it makes sense to add one spouse to the other's plan or keep separate coverage.
Review Your Beneficiaries
This is a big one and an easy one to overlook.
Take a look at the beneficiaries on your:
- 401(k) and other retirement accounts
- IRAs
- Life insurance policies
- Investment accounts
- Bank accounts
- Other accounts that allow you to name a beneficiary
You may also want to review your will, powers of attorney, and other estate planning documents. Marriage is a good time to make sure your estate plan reflects your wishes.
Take a Look at Your Finances
Marriage is a great time to have a conversation about money. Decide what works best for you as a couple, joint accounts, separate accounts, or a combination of both.
Take a look at your budget, savings, debt, retirement contributions, insurance coverage, and financial goals.
This is also a good time to make sure both of you know where important financial information is located.
Review Your Taxes
Now for the tax side!
If you are married on December 31, the IRS generally considers you married for the entire tax year. You'll need to determine whether Married Filing Jointly or Married Filing Separately is the best option for you.
When we prepare our clients' tax returns, we don't simply look at which filing status results in the lowest tax bill. We also consider the bigger financial picture and how your filing status may affect other areas of your finances. This can include eligibility for Roth IRA contributions, Medicare premiums, student loan payments, and other tax benefits and financial considerations.
Our goal is to help you choose the filing approach that makes the most sense for your overall financial situation not just the one that saves you the most in taxes today.
Marriage can also change your tax withholding, so review your Form W-4 with your employer. This is especially important if both spouses work.
If you changed your name, make sure the name on your tax return matches your name on file with the Social Security Administration. And if you moved, remember to update your address.
Update Your Employer Information
Let your employer know about your marriage and any changes to your name, address, or benefits.
You may need to update:
- Payroll records
- Tax withholding
- Health insurance
- Retirement plan beneficiaries
- Life insurance beneficiaries
- Emergency contact information
Don't Forget Your Passport
If you're planning a honeymoon or have future travel plans, make sure your passport reflects the name you'll be traveling under. If your name has changed, check the current passport requirements before booking international travel.
Update Your Emergency Contacts
It may seem like a small detail, but make sure your emergency contact information is current with your employer, doctors, schools, financial institutions, and other important organizations.
Make Sure Your New Life Is Reflected on Paper
Marriage is a big life change, and it's a great time to step back and make sure your important documents and accounts reflect your new circumstances.
You don't have to do everything in one day. Make a list, tackle a few items at a time, and before you know it, you'll have checked most of them off.
And then you can get back to enjoying married life!
Congratulations on your new chapter and here's to a lifetime of happiness together!
This material is presented solely for information purposes and has been gathered from sources believed to be reliable, however, Landing Point cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Landing Point does not provide tax, legal or accounting advice, and nothing contained in these materials should be relied upon as such. Nothing in this presentation is intended to serve as personalized investment, tax, or insurance advice, as such advice depends on your individual facts and circumstances. Advisory services are only offered to clients or prospective clients where Landing Point and its representatives are properly licensed or exempt from licensure. No advice may be rendered by Landing Point unless a client service agreement is in place.