Taking Your Money Down the Aisle: How Finances Change After Marriage

Jacquette Timmons

The wedding season is upon us, and if you need proof just look at the recent box-office headliners. Within the last few weeks, three wedding related movies have been released: "Bridesmaids", "Jumping the Broom", and "Something Borrowed".

I have not seen any of these movies. But I have seen their promotional commercials, and it is clear from them that these comedies deal with incendiary matters of the heart leading up to the big day. In the movies, the climax is the wedding day…not the days after.

Yet, you and I know that it is all about the “after.” This is when everything changes - in every area of your relationship. And that includes money! (Interestingly, research and anecdotal stories confirm this is true even if you lived together as an unmarried couple prior to your wedding.)

When it comes to financial changes, they aren’t usually dramatic nor are they always immediate but there is no escaping the fact that your behavior with money, attitudes about it, and the financial choices you make do change after marriage. The specifics of how they change depends upon you and your mate, the type of marriage you have, and whether either of you are coming into the marriage with wealth you’ve created or family wealth vis a vis a trust fund. But all newlyweds must contend with the reality that some or all of what is listed below will change after you say, "I do."

For example:

• Credit scores – Your combined scores will affect joint purchases like property or car or starting a business.
• Tax liability – This will change based upon your combined, adjusted income bracket.
• Banking, investment, credit accounts – The title on your accounts, where accounts held, beneficiary information, where applicable, may change.
• Banking and investment professionals – You will need to determine if you will continue to work with your professional, will you switch to your mate's, or will you find another, neutral person or firm.
• Titles and deeds on property owned prior to your marriage – Will you add the missing name?
• Insurance coverage – Will you need to adjust the amount of coverage you have and your beneficiary details?
• Estate planning – Wills, Healthcare Proxy, Power of Attorney (details, beneficiary) – all of these will need to be updated.
• Living arrangements – Where you live and if will you live off one salary are other considerations after marriage.

This list is not intended to be exhaustive. Rather, it is intended to plant the seed of things to be mindful of – things to change or to choose not to change, consciously!

There may not be a comedy to help you manage how these real, thorny issues converge when money and love intersect. But you can use a light-hearted touch…it will go a long, long way!