Thursday 19 June 2014

Getting Married? 4 Things You Should Do Immediately

Many couples who are planning a wedding focus so much on the details of the ceremony and reception that they overlook the big picture. While you certainly want to plan a dream wedding for this once-in-a-lifetime event, you also need to remember that a wedding joins your two lives together in many ways. After you are married, your finances will be linked. Because of this, there are four things you should do immediately if you are planning your wedding.

Buy Life Insurance

Regardless of the income level of both spouses, life insurance can benefit you in a number of ways. This is coverage that provides cash benefits to a beneficiary in the event of death. It can be used to pay off outstanding debts, like credit cards and a home mortgage. It can also be used to supplement lost wages that the other spouse may be dependent on. Some life insurance policies, such as a universal policy, may be used for long-term financial planning purposes. Consider shopping for a new life insurance policy today.

Shop for New Auto Quotes

Many auto insurance providers offer a discount to married couples, and you may save money on your coverage when you combine policies. This can also simplify your finances because you will only have one auto insurance premium to worry about rather than two. Keep in mind that you may qualify for additional discounts when you purchase your homeowners or life insurance through the same company.

Consider a Prenuptial Agreement

A prenuptial agreement is not necessary for all married couples. However, if either of you have a considerably greater net worth than the other or if you are bringing other assets into the marriage, protecting yourself from financial loss with a prenuptial agreement is wise. A prenuptial agreement essentially outlines the terms of a divorce. Because it is negotiated up-front when both parties are amicable, it can be beneficial to have a prenuptial agreement.

Review Your Financial Accounts

Finally, review all of your financial accounts. You may consider combining some accounts, such as your checking and savings accounts. You may add your spouse as a co-signer on your credit card so that both of you can contact the company about financial matters that may arise. You may also add your spouse as a beneficiary to a retirement account. Speaking with an experienced Brooks financial planning representative, like those at Thomson Schindle Green Insurance & Financial Services Ltd, will help you and your future spouse to know what to do in the coming days.

While you may be focused on the many details associated with planning a wedding, it is also important to focus on the big picture. When you get married, your lives are joined in many ways. Because of this, consider following these tips today.

Do you have have any questions or suggestions? Write in comment section.

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