The hangover has worn off, the (frightening) wedding bills have been paid, and you finally have time to relax and look forward to a long life of marital bliss ahead. Or do you?
You and your partner probably had a number of money-related discussions before you walked down the aisle, such as whether you hope to buy a house in the future, or how many children you can comfortably raise.
Here are four other topics you’ll want to discuss sooner rather than later.
1. Set team financial goals
Setting clear financial goals for yourselves as a couple is the first step towards achieving them, and can save you heartache and conflict further down the line.
Indeed, if you aren’t working towards the same vision of your future, you will dramatically increase the likelihood of relationship breakdown. So it pays to get talking.
You should also take the time to share your current debt and credit obligations with each other so there are no nasty surprises.
2. Discuss merging finances
You may want to keep separate accounts, merge them, or have a combination of the two.
Whatever you decide, it’s important you’re happy with the situation moving forward.
And keep in mind that there are savings to be made here. For example, as a married team you may now have more credit cards than you need. It’s worth looking into cutting back in areas such as this to save on fees.
3. Update your insurance, tax and super
Now that you’re married, your insurance, tax and super all need to reflect your new status.
With regards to insurance, it’s worth investigating any savings that might be had through jointly insuring shared vehicles, or transitioning to a couple’s health insurance package.
It’s also useful to revisit your home and contents insurance, as by combining two estates your insurable items may have changed substantially.
For life insurance, you may want to consider nominating your spouse as one of your primary beneficiaries in the event of your death, and the same goes for your super fund.
With regards to tax, now that you’re hitched you’ll need to disclose your spouse’s taxable income each year, as your combined income will be taken into account.
4. Create or review your will
It might sound a bit grim, but having an up-to-date will is one of the most important things you can do for your spouse.
A will can cover both the basics, such as how your assets will be divided after you pass away, and things like whether you’d like to donate money to a charity, or how you’d like to arrange your funeral.
Having a will can reduce the stress on your partner should they outlive you, and give you both peace of mind throughout your life together.
Next steps
Starting life as a married couple is an exciting time filled with change, decisions, and challenges.
Thankfully, we’re here to help. If either or both of you aren’t sure what to do about your finances – in particular if one or both of you own property – come and have a chat with us.
We can run you through the most important things you need to know as a couple, and make sure you’re on the same financial page.
