We’re getting married
Marriage is a life event typically surrounded by ceremony and celebration. Finances, insurance and taxes may not be top-of-mind at this time, but it is important to pause and make sure you have the details covered, so you can start your new life together without a lot of distractions.
Get the full picture – Check your checking and savings accounts, retirement and investment accounts, loans, and credit cards to see what resources you have and where you overlap. You can then decide what accounts you can combine and what needs you’ll want to address once you are married.
Update your account information – If a spouse legally takes the other spouse’s name, it’s important to reflect those changes on any accounts and policies. Plus, you may want to update the beneficiaries on all your accounts and policies.
Understand your combined credit situation – Review each other’s credit reports so you can make wise decisions about which accounts to hold jointly. For example, if one of you has a negative credit history, you may risk being denied credit if you sign up for a joint loan or credit card.
Buy a home together – Buying a home can be a smart financial decision if you can afford it. For example, if you finance the purchase with a home loan (which most people do), you can earn a tax deduction on the interest you pay on the loan. Plus, you can build valuable equity in your home as time goes by.
Evaluate insurance* – Sharing a life together means insurance becomes even more important. Review your life, auto, and home insurance to ensure that you are covered should something happen to one or both of you. In many cases, you can earn deep discounts by consolidating everything with one company.
Plan for your golden years together – Retirement may appear to be a long way off, but now is the time to talk about what you want from your retirement savings.
*Insurance is not a deposit, not FDIC insured, not guaranteed by the bank or any of its affiliates and not insured by any federal government agency.
The information provided in these articles is intended for informational purposes only. It is not to be construed as the opinion of Central Bancompany, Inc., and/or its affiliates and does not imply endorsement or support of any of the mentioned information, products, services, or providers. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.