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Estate planning checklist married couple4/18/2024 If you haven’t looked at your accounts lately, your parents may still be your beneficiary for your 401(k) and your old roomie might still be your emergency contact. UPDATE YOUR BENEFICIARIES (AND EMERGENCY CONTACTS) Ultimately, there’s no wrong answer, you just need to talk it out. Of course, you can always develop a hybrid system, where you both maintain separate accounts but contribute a portion to a shared savings account. ![]() If you want to keep accounts separate, it’s important to be on the same page about who pays for what - from utility bills to groceries. It might also cause stress if one spouse enters the marriage with obligations like student loans, child support, alimony and other debts that get pulled from a shared pool of money. Also, don’t forget to set aside some “fun money” for zero-judgment, zero-guilt splurges for each of you.įor others, sharing an account might feel like losing financial independence. Just make sure you set expectations beforehand about saving, spending and bills. Sharing a bank account can make paying the bills and building your rainy-day fund simpler. DECIDE HOW TO HANDLE YOUR BANK ACCOUNT(S)Īre you going to keep your individual bank accounts, or will you merge them into one? So, before the honeymoon bliss wears off, gather your financial papers, sign into those accounts, sit down with your partner and dig into these eight financial to-dos for newly married couples.ġ. You made a commitment to each other when you exchanged vows since that carries over to your financial life, there are a few documents you’ll need to sign beyond the marriage certificate. That certainly doesn’t have the same ring as “husband and wife,” but it’s the new reality in your role as a husband or wife. I now pronounce you … joint account holders? ![]()
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