By Lauren Means, Lloyd McDonald and Mary Littleton
Getting married is a significant milestone that brings about a cascade of life updates, necessitating careful attention to legal, financial, and health matters. The union not only marks the beginning of a shared journey but also entails a series of responsibilities and considerations that extend beyond the emotional and romantic aspects of the relationship.
Legal
From a legal perspective, the act of marriage automatically confers certain rights and responsibilities upon both partners. Updating legal documents should be a top priority to ensure that the new marital status is recognized in various contexts. This includes revisiting wills, beneficiary designations, and power of attorney documents. These legal instruments play a crucial role in specifying how assets and decisions will be handled in the event of unforeseen circumstances, providing a level of protection for both spouses.
Additionally, couples may need to update their healthcare proxies to reflect the changes in their marital status. This ensures that each partner has the legal authority to make medical decisions on behalf of the other in case of incapacity.
Healthcare
Navigating health insurance options after getting married is a crucial aspect of the post-wedding life update. The opportunity to reevaluate health coverage is often considered a life-changing event, prompting couples to carefully assess various factors before combining their health insurance plans.
According to Lloyd McDonald, a health insurance specialist, the major things to consider are cost, network, deductibles and maximum out-of-pocket costs. He said while cost is important, it’s beneficial to make sure any healthcare providers you currently see are on any plans you might be considering. Not all plans, even those within the same carrier network, are accepted by all providers.
With a lower premium often comes higher deductibles and out-of-pocket maximums. If you have frequent office visits, procedures, or prescriptions, you need to weigh the benefit of a lower premium to that of lower deductibles and out-of-pocket costs.
McDonald said you should also consider things like impending surgery or major medical procedures or expenses coming in the next year; if the plan covers prescription medications; unique medical needs your spouse might have that you have not had to consider before; does the plan have something that will cover your deductible in the event of an unforeseen event like cancer, accident stroke, or heart attack?
Finance
Financial considerations become more intertwined after marriage, necessitating open and honest communication about money matters. Combining incomes and managing joint expenses requires a thoughtful approach to budgeting and financial planning. Couples may choose to consolidate bank accounts, create joint savings or investment accounts, and revisit their overall financial goals. Establishing clear communication channels about spending habits, financial priorities, and long-term objectives can foster a healthy financial partnership.
Furthermore, the tax implications of marriage should be carefully evaluated. Filing taxes jointly or separately can have significant consequences on the overall tax liability of the couple. It’s advisable to consult with a tax professional to determine the most advantageous filing status and to explore potential tax credits or deductions available to married couples.
Homeownership
FInances and homeownership go hand in hand. If just the thought of buying your first home together takes you from wedded bliss to homebuyer heartburn, Sr. Mortgage Banker Mary Littleton said there is hope! Littleton explained communicating with your partner before you shop for a home is the single most important thing within your control. Having a clear understanding of where you both stand in terms of credit health, monthly budget, savings and even the type of home you want to buy will make your path to homeownership a smoother one.
Be honest with each other about your credit scores, how many and what types of accounts you have, how much debt you carry and what adverse events may be lurking in your credit history. A reputable lender will help you make sense of your credit report and will develop a personalized plan for you and your partner to resolve any credit issues.
Communicate with one another about your budget. It’s important to acknowledge the discomfort you might feel about having financial discussions, process those feelings and then talk with each other about the numbers. This process needs to be collaborative, deliberate and respectful.
Set goals together. Building a budget and working toward a return to credit health, if necessary, can be goals in and of themselves. But they can also be part of larger, long-term goals. What are those goals? Allow yourselves to dream big. Discover what dreams you share in common. Then, work together toward your common dreams together!
Life updates after getting married extend far beyond the emotional and romantic aspects of the union. Legal, financial, and health considerations demand careful attention to ensure a solid foundation for the future. By proactively addressing these areas, couples can navigate the complexities of married life with greater ease and enjoy the shared journey with a sense of security and stability.
From our Experts
Want an expert to take a look at your health insurance options for free? Email Lloyd McDonald at [email protected] to get started with a FREE confidential consultation!
If you have questions about buying or refinancing your home, you can reach Mary Littleton by phone at 615-690-5172 or email at [email protected].
