Just Married, Now What?

There's not just a honeymoon waiting for your after you wedding day.


Name Change

Now that you are married, you may want to take the name of your spouse. Surprisingly, this is not something that can be done within a day. There are various identifying documents that need to be changed.


First, you must make sure that you have a certified copy of your marriage license. During this process, it is important to always know where your Marriage License (will have a raised seal) is, you will need this every step of the way. For US citizens, you will need to change the name on your Social Security Card. You can do this by mailing in the SS-5 Form or by setting up an appointment with your local Social Security office. Be sure to bring your marriage certificate, birth certificate, and an approved form of ID. After you receive your new SS card, you should then change the name on your Driver's License or State ID. If your license is not ready for renewal, you will be provided with an update card for no additional charge. Once you have your new License or Update Card, you can change the name on your Bank Accounts.


After completing those first few steps you can continuing changing all other types of important documents or identifying items, such as:

  • Passport

  • Vehicle Title/Registration

  • Voter Registration

  • Mailing Information with the Post Office

  • Loans

  • Credit Cards

  • Mortgage/Car Title

If you are looking to beat the name changing hassle check out HitchSwitch. They provide a service that pulls all of the necessary documents together for you.



Medical Insurance

If you both are on separate Insurance carriers, because each employer provides this benefit, now is the time to consider your options. In some cases, it may be more cost effective to stay on single-coverage plans if both employers provide 100% of single-coverage plans. If it is more cost effective to combine into one plan, be sure to compare coverage options; one plan could be less expensive but have a higher deductible. If you make the decision to add your spouse to your insurance plan, be sure to inquire when you can add your spouse. If not done within a certain time period after the wedding date, you will need to wait until the end of the current coverage cycle to add a dependent. Again, you will need your Marriage Certificate when completing this process.


Beneficiary/Will

Last thing you want to talk about after getting married is death, but this is probably the most important section of this article. Once you are married, all Life Insurance Policies and/or investments will be transferred to your spouse upon your death, unless; you have specifically stated otherwise. Say you have a child from a previous marriage and you want that child to be your sole beneficiary, you will need to explicitly state this on all accounts. Furthermore, on some accounts, even if a primary beneficiary is chosen, the spouse may still be entitled to 50% of the funds (unless they waive their right by executing a Spousal Waiver). Consult your financial or estate planner for more information.



Taxes

Married couples have the option to file separately or jointly. Most couples filing jointly tend to have less liability than those who don't, however, filing jointly may push you into a higher tax bracket. Consult your tax consultant for which status works well for your situation.


1st Capital Events, LLC | York, PA | 717-683-8127

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