4 Things to Do Shortly After Getting Married

Planning a wedding and getting married can be overwhelming. But once the rings are on, vows shared, and marriage license signed, there are still a few necessary steps to take. 

Change Your Last Name

While some couples choose to each maintain their last names, many wives take their husband’s last name, some husbands take their wife's last name, and others both take a new name (be it a hyphenated combination of the two names or a new name altogether). If you’re changing your last name, you’ll have to update it on dozens of documents, from your Social Security card and driver’s license to bank accounts and credit cards.

Start first with the Social Security Office, as you will need an updated card to change many of your other documents. Once you have your updated Social Security card, head over to the DMV to update your driver’s license. You’ll likely also need to notify of your changed last name: 

• Your employer (for payroll purposes)
• Post office
• Utilities, phone, Internet, and cable companies (or anywhere you have ongoing bills)
• Credit card companies
• Investment account providers
• Mortgage company
• Insurance companies
• Doctors' offices
• Voter registration office
• Your attorney to update your will/living trust
• Passport office

Update Your Beneficiaries

Now that you’re married, you will want to make sure you name your spouse as your primary beneficiary. You will also want to name a contingent beneficiary in the event that your spouse passes away before you do. Your previous primary beneficiary, such as your parents, may become your contingent beneficiaries, but only if you fill out the paperwork to properly list them. Review all documents that require a beneficiary, including your will, insurance policies, and retirement and investment accounts.

This may not seem like an important task to immediately complete, but don’t delay. It’s so easy to get wrapped up in our other daily duties that we forget to update our beneficiaries altogether. Too often, people neglect their beneficiaries and may not even realize who they have listed.

Determine How You’ll Handle Your Finances

Like last names, couples have several options for handling their finances. Hopefully, you talked about your finances before you got married. Now that you’re married, it’s time to finalize your decision and take action.

A large majority of married couples choose to merge their assets. This can make it easier to manage your finances and know what’s coming in and going out. However, you may decide to handle your finances in another manner. For example, you may want to create a joint bank account to manage shared bills, but continue maintaining the individual accounts you had prior to marriage. If you go this route, you’ll want to decide who takes ownership of which bills and how the accounts interact with one another. (For related reading, see: The Top 3 Financial Mistakes Couples Make.)

You’ll also want to create a budget and agree upon how your shared assets are spent and saved. Perhaps one of you will contribute to a 401(k) while the other contributes to a Roth 401(k) account. You may choose to ask each other before making big purchases or allow each other a monthly allowance to spend as you wish.

Consult with a Financial Advisor

You’d be surprised by how much can change once you get married, especially when it comes to your finances. In fact, money is the leading cause of stress in marriages because emotions can run high, and people can have differing opinions on money.

This is why you may want to seek guidance from a financial advisor who can serve as an objective partner. An advisor can help you stay focused on the right goals, articulate your financial goals and needs, and create a strategy that incorporates both of your values and objectives. An advisor can also walk you through how much you’ll need for retirement, what it takes to purchase a home, and more. Along with advice and strategies, an advisor can help you evaluate trade-offs and identify new opportunities because, ultimately, you don’t know what you don’t know. (For related reading, see: Who Should Work with a Financial Advisor?)

Getting Started

Getting married is a huge milestone in life and it can bring about a lot of changes. As much as you may be enjoying the bliss of the honeymoon phase, don’t neglect to take these four steps so you can start your marriage off on the right foot financially.

(For more from this author, see: Should I Save for Retirement or College Tuition?)

The opinions voiced in this article are for general information only. They are not intended to provide specific advice or recommendations for any individual and do not constitute an endorsement by NPC. To determine which investments may be appropriate for you, consult with your financial professional.  Please remember that investment decisions should be based on an individual’s goals, time horizon, and tolerance for risk.