Getting married is perhaps the most exciting milestone in everyone's life. Marriage changes your financial state and warrants a thoughtful review. Here are some important considerations:
- Health Insurance - If you and your spouse work for different employers, take a look at whose employer offers the best health care plan. Consider coverage as well as cost. Some employers will compensate you for not using the company's health insurance.
- Life Insurance - If this is your first marriage, it is time to evaluate if you need coverage. You may decide that you would like to provide financial security to your partner in the event of your death. Omyen recommends evaluating your insurance needs individually and deciding what amount of coverage and type makes the most sense for you.
- Will - You may or may not have executed a Will in the past. Now is the time for each spouse to review and revise your respective Wills. Consider executing supporting documents (Powers of Attorney, HIPAA Letters, Medical Powers of Attorney, and Living Wills) which are designed to help you care for your loved ones.
- Create your first budget - Have a heart-to-heart about your first budget. Merging two households into one can bring about some savings.
