Please note, this post was sponsored by Diamond Bloggers. All opinions are my own. Thank you.
So you’re married to the man (or woman) of your dreams, and people are always asking you “How’s married life?”
Maybe your answer is always, no different from when we lived together, nothing has changed. Depending on how completely enmeshed your lives were before you walked down the aisle, that might be true. However, if by no different, you mean that you haven’t sat down together to tackle any major life issues that need addressing as a married couple, it might be time to bite the bullet.
Because time flies when you’re a newlywed. When I got married a decade ago, I returned from my honeymoon I felt overwhelmed by all of the adulting that needed to go on behind the scenes. And while in the midst of planning our I-do’s there wasn’t a lot of time left over to think about anything beyond the thank you notes were written and sent in a timely manner.
But with wedding season quickly upon us, and with so many people making that next step in their lives together this year, there are several things that need addressing once your back down from cloud nine. So if this sounds like your life at present, or you’re newly married yourself, here are 5 areas of your married life that you should make sure to safeguard this season:
1. Debts
If you are newly married or getting married, knowing the conditions of one another’s finances is vital. Especially when it comes to debt. As by the time you sign your marriage license, all debt becomes communal property!
To remedy this, make sure to create a working debt repayment plan in place. Where all of your joint assets and debts are listed and combined. Whether the picture is hopeful or terrifying, it’s got to be and dealt with promptly. Remember, debt and financial discord is not a marriage destroyer if you face it head on as a team. From day one!
2. Create a Spending Plan
Expenses come up. It’s only natural. Which is why you should naturally have a working spending plan in place to help you, as a couple, decide where your assets will be allocated each month.
To do this, simply create a combined list of your monthly expenses, maintenance for home or cars, and for monthly recurring expenses. Making sure to also allocated slush funds to cover unexpected expenses that just come up. This plan will help you be on the same page monthly and help avoid the costly lesson of debt before it even occurs!
3. Discuss Your Bank Accounts
While it isn’t necessary to combine your bank accounts and work out of one checking account after you get married, you should have each other’s names on all of your accounts and make absolutely sure you have changed the beneficiary information at your bank for those accounts.
Odds are that if it’s your first marriage, everything is set up to go to your parents if something happens to you. If you’ve been married before, not changing the beneficiaries could result in you giving lots of money to an ex-spouse. Taking care of these matters now will help protect your spouse in more ways than one!
4. Create a Peace of Mind Plan
It’s daunting to start your marriage thinking of a time when your spouse would no longer be with you in life. But its something that must be done. Which is why one of the best gift you can give your spouse in to create a peace of mind plan. A plan that includes notarized wills, insurance information, reverting of housing or property deeds, living wills, plans for organ donation, custody arrangements, business plans, and a designation for your power of attorney, and medical directive.
This doesn’t have to be complicated – but it should be done properly and looked over and witnessed by an attorney. In most states, you will be required to have these documents in place to legitimize the validity of the documents before an unfortunate situation arises. Do it once and it’s done. Do it correctly and you’ve safeguarded your spouse for decades to come!
5. Assets
Money is one of the top causes of divorce in this nation. Couples who face financial problems together will survive them and come out stronger in the end. Those who ignore them will sink together unless somebody steps up to the plate and addresses the situation.
Not everything financial is bad – some brides and grooms enter marriage with trust funds, investment accounts, and other significant assets. Unless you have a prenuptial agreement that excludes the new spouse from any benefit of these things, he or she should know what is there – even if they can’t access it.
And one of the best ways to protect your marital assets is with the assistance of a trained legal professional. Professionals such as Hunter Law, P.A., are trained to help provide you with quality legal expertise. Advise that can help solidify your marital future for decades to come.
Don’t let the small stuff ruin your marriage and your financial future. Schedule a meeting with a trusted legal professional in your area this season.
Now, friends, I want to ask, are you, newlyweds? If so, what measures have you taken to ensure your financial and legal peace of mind at home? I’d love to hear about your experiences below!
