Preparing for Marriage

Marriage Checklist

1. Assess Legal, Financial, and Insurance Implications: How will your upcoming marriage impact your legal, financial, insurance, and retirement plans? Make necessary changes beforehand, including updating beneficiary designations and specifying spousal rights.

2. Update Insurance Policies: Ensure your new spouse is added as an insured individual on relevant casualty insurance policies (e.g, auto, home, renters, umbrella), and review the coverage limits for your properties to guarantee full protection of the combined estate.

3. Address Responsibilities for Children: If you have minor children from a prior relationship, come to a clear agreement on financial responsibilities and child-rearing roles to ensure a united front. Having a clear understanding of this issue up front will protect you from misunderstandings and grievances later.

4. Plan for Tax and Financial Adjustments: Proactively consider the tax implications and financial changes that marriage brings. Don't forget to notify your employer about your updated tax filing status. W-4s (and other pertinent documents) do not automatically update themselves!

5. Establish a Prenuptial Agreement: If it suits your situation, draft and execute a prenuptial agreement to protect your mutual and individual interests. As with any legal document, once you and your attorney have drafted a preliminary document for your specific situation, I invite you to send me the draft immediately. I will forward the legal draft to the legal team at Guardian’s Business Resource Center for a review process that can easily take 2-3 business days. After review, I will forward all recommendations, comments, and suggestions back to you, for you to then discuss with the drafting attorney, before preparing your final documents for signature. This is the appropriate time to ask your attorney questions and customize your documents to fit your life.

6. Manage Name Changes Efficiently: If one spouse is changing their surname, promptly reissue their driver’s license, Social Security card, professional licenses, and credit cards in the new name for a seamless transition.

7. Update Property and Asset Titles: Discuss and make necessary updates to titles for real property, tangible personal property, bank accounts, retirement, and investment accounts. Make sure all beneficiary designations reflect your updated circumstances. This ensures clarity and joint ownership where appropriate.

8. Discuss Debt Responsibilities Openly: Clearly address any personal debts that each spouse brings into the marriage, and establish a plan for how it will be managed as a team. Different kinds of debt bear different responsibilities. I would prioritize paying off your highest interest student loan debts first, generally speaking, due to the nature of those obligations.

9. Create a Comprehensive Household Budget: Formulate an overview outline budget for combined household expenses that reflects both partners’ financial goals and commitments. Don’t waste time on minutia. All budgets require monitoring and adjustment so round estimates work great for planning.

10. Revise Estate Planning Documents: Review and update wills, trusts, business buyout agreements, living wills, powers of attorney, and other essential documents to align with your new marital status.

11. Consolidate Households Strategically: Plan for the efficient consolidation of households, including making decisions about duplicate items and acquiring or replacing necessary possessions.

12. Engage in Premarital Counseling: Actively pursue premarital counseling to navigate potential conflicts, expectations, and challenges that often arise in marriage, ensuring a strong foundation. Your religious affiliation often attempts to fulfill this service, but direct reflection on the matter is warranted because every couple, and their relationship, is as unique as a snowflake.

13. Evaluate Health Insurance Options: Investigate each spouse’s health insurance plans to determine optimal coverage, potentially switching for better benefits and savings.

14. Make Informed IRA Decisions: Decide whether to invest in separate IRAs or a spousal IRA to secure your financial future together.

This checklist empowers you to navigate the necessary preparations for your marriage or remarriage, setting the stage for a successful partnership.

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