5 Changes You Didn’t Expect When You Got Married
When you’re planning a wedding, your planning usually only extend to the actual wedding, and not a lot of planning goes into what will happen directly following your wedding. Once the day is over, it’s time to start your life together. Not a lot of planning seems necessary, but a lot of changes happen once you are married that you don’t realize, even if you were already living together.
When you get married, you get booted off of your family’s health insurance policy, if you weren’t already. Before the big day, you should plan to switch insurance plans to avoid any lapse in coverage. When you get married and your coverage ends, your old insurance company will send you a letter explaining the reason for the cancellation of your policy. This gives you the opportunity to start a new policy even though open enrollment is probably over. When you select your new insurance plan, you will have to provide this letter as proof of a special enrollment period, so when that letter comes in the mail, hang onto it!
If you are changing your name in conjunction with your marriage, there will be a lot of red tape to go through immediately following your union. This means a trip to the DMV, Social Security office, and the post office to apply for a new passport. You don’t have to make these changes immediately after your wedding if you don’t want to, but no matter when you choose to make this trip, you will need to bring a copy of your marriage license(the real one, not the decorative copy they also give you) to indicate why you are changing your name!
All other types of insurance
There’s just a lot of different types of insurance that you need as an adult, unfortunately. Life insurance, car insurance, health insurance, home iurance...the list can go on. When it comes to legal documents, you’ll want to make sure that both you and your spouses names are on everything together. If you changed your name, you will want to notify your insurance companies so they can change the name to reflect your new legal name to avoid running into problems later.
Should you get a joint bank account?
Some couples choose to immediately join their bank accounts, while others choose to keep their money separate their entire marriage. There are pros and cons to each option. The great thing about getting a joint account is that it makes paying bills much easier. Instead of each of you paying half of each bill, or having one of you pay the rent while the other pays the other, smaller bills, you can just pay everything from one account. It’s easier to stay organized that way. Some couples prefer to keep their money habits separate. No matter how you choose to do it, it’s best to keep one small account for each of you, even if your main checking account is shared! This way you have money that you feel ownership over, and can get you out of a bind if needed.
Money and property
Getting married means that your spouse's income, as well as debts, now are shared by you. The additional income coming into your joint bank account every month seems great, but you are now also legally responsible for any debt that your spouse incurs, if they happened to die. Before tying the knot, it’s a good idea to go over your finances with your spouse, to make sure that you are both walking into this union with understanding and open eyes. No matter how in love you are, you don’t want to get married to suddenly realize that you now have thousands of dollars of debt coming along with it, like a weight around your neck. Not that you can’t get married to someone who has debt, because who doesn’t. But you want to be aware of how much debt you are signing yourself up for.
Blog Written by: Aurora McCausland