Before walking down the aisle and saying I do, there are several different steps you can take to set yourself off on the right foot in your new marriage. These five tips are essential for the engaged. 
Put Together a Budget
A budget is essential especially if you are combining finances and living together for the first time with your new spouse. Make sure you list each spouse’s personal spending amounts as well. A goal for working together should be to establish an emergency fund.
Determine Who Will Be the Money Manager
With the majority of couples, one person will feel more comfortable handling the finances but you should certainly divide up basic information about balancing bank accounts, paying bills and handling the day to day spending ahead of time.
Think About Income Tax Implications
You may wish to consult with your accountant to learn more about how your tax situation will change now that you’re married. You may even choose to file separately even though you’re newlyweds.
Make Sure You Have the Right Insurance Coverage
Disability insurance and life insurance are essentials for protecting your new partnership. You will also want to have appropriate coverage for your property, home and your vehicles. An umbrella policy can also help with liability protection.
Put Together At Least Your Basic Estate Planning
At a minimum, you and your new spouse should have a will, power of attorney, and health care proxy put in place. An attorney should be used to help put together your estate plan. Anytime that you go through a major life change or event, speak again with your Massachusetts estate planning attorney about updating these documents.
Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Reading this content does not create an attorney-client relationship. For legal advice specific to your situation, please consult with a qualified attorney.
Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Reading this content does not create an attorney-client relationship. For legal advice specific to your situation, please consult with a qualified attorney.