Going to the Chapel

Today may be the biggie. July 7^th, 2007 or 7-7-07. So many consider seven to be a lucky number and because this day of sevens falls on a weekend, wedding planners have been booked for years with couples looking to exchange vows today. A local couple is taking it to an extreme level getting married at 7:07 a.m. during a radio show which will be podcast.

To all you brides and grooms, I wish you a lifetime of happiness. Congratulations!

Money is not the most important ingredient for a successful marriage, but it is certainly an important issue. In honor of today being a day of weddings I offer two small gifts. The first is some assistance in navigating the administrative maze of changing your name. The second is some words of financial wisdom as one who is already traveling on the journey on which you are now embarking.

Changing your Name - In most circumstances legally changing your name can be quite involved. Not so with a wedding. Here in Iowa, your marriage license simply lists your maiden name and your married name and that is all there is to it. Getting everyone you do business with to recognize your new name is a different story. He is a list to get you started:

• Send a letters to every business that sends you a bill under your maiden name. I have provided a sample to get you started (Download name_change_letter.doc). Just put in your own name and address, re-save the letter, and then change the business name, address, and account number. You will notice that there are two signature blocks. One for your maiden name and one for your married name. Some firms will want to have a document with both signatures. May as well give it to them without making them ask. Be sure to enclose a photo copy of your official marriage license. Most businesses do not need a certified copy. You will save a lot of time and money if you only make the certified copy available upon request.
• You and your spouse should go to the bank together. You may want to establish new account(s) now that you are married. Not only should you be addressing the name change but you need to consider which accounts your spouse should (and should not) have access to.
• Don't forget your insurance companies. It can be often overlooked because bills come several months apart or are done via bank draft.
• Investment companies can be a bit of a different process. Often, they can use a photo copy of your marriage license but require a signature guarantee. The signature guarantee is similar to a notary. It is a third party witness to your signature authenticating the validity and identity of the signer, but can only be done by someone with signature guarantee credentials. Our firm has both notary publics and staff members with signature guarantee credentials as do most banks. We provide both for our clients without any cost but most banks will be happy to do it for a fee. Your best bet is to check with your investment firm first.

Financial Considerations – When it comes to money and marriage there is definitely more than one way to skin this cat. You and your spouse have to sit down and find out what works best for you. Some couples have separate money. Others combine everything. My wife and I do a combination of both. What is mine is hers and what is hers is mine but we each have our own checking accounts. She has total access to mine and I have total access to hers but this keeps us from spending the same money twice!

• Sit down and talk. You need to talk about the mechanics of your money. When you get paid, where is the money going to go? Who is going to pay the bills? When? Talk about your spending and savings strategies. When should you include your spouse in a financial decision? No one probably cares if you buy a pack of gum, but don't buy a house on your own. Somewhere in between there is a line. You should know where it is before you cross it!
• How do you feel about risk? With almost all of my clients (including my wife and me) each spouse has a different risk tolerance level. You must come to an understanding in advance if you want to avoid problems.
• Don't forget your beneficiaries. Who should be entitled to your insurance or retirement plans if you die? Many young people list their parents as their beneficiaries. Unless you specifically request a beneficiary change from your employer, investment companies, and insurance companies your parents are still your beneficiaries. Eliminate the hard feelings by having a conversation about it now.

There is so much more that I can say. I am positive I missed lots of good advice. Add to the list by posting a comment or two.

Here are some related blog posts:

• Creating Financial Harmony in Marriage
• Financial Advice for Newlyweds
• Newlyweds Need Financial Planning ASAP
• Love, Marriage, and Money: Should a Couple Combine Their Finances?

Photo on Flickr by sheeshoo

Comments

[Mark True]

Art:

Great advice, spoken clearly. Wow, that's a brand promise!

And where were you when I got married 12 years ago?! It sounds like you have a product offering there.:)

-Mark

[find a notary]

Great information about the things that usually changes when one gets married! Your tips about the financial aspect is significantly vital as well since this will surely save you from all the headache so better yet be well prepared!