Given the current circumstances, there is a lot of focus on the big day at the moment and rightly so! But what happens after the day when you are officially a married couple? We teamed up with Dean Scott of Mendip Wealth Management to find out your next steps as a married couple from a financial point of view.
In todays society there are variety of different situations when people get married and you may find both partners already have assets such as houses, savings, investments and of course debt too! We all know honesty is the best policy and we always recommend making any assets and debts clear to your partner before the big day.
Once you are officially married, it is likely your wills will need to be amended or written if you haven’t done so already! Some couples may not be aware that any will written prior to your wedding day will become null and void after you tie the knot and this is why it is so important you get your wishes written into your new amended will as a married couple. If a new will is not created, the law of intestacy will decide how your assets are divided when the time comes. Of course this is the last thing you want to be thinking about when planning your wedding but as a married couple, it is important to protect each others wishes and save any difficult conversations later down the line!
Depending on your personal circumstances, you may have more family to protect than others particularly if you have children from other relationships and are becoming a blended family. As well as considering protection for your family, we also recommend looking at protection for any businesses you may have as an individual. In these cases, please speak to a specialist who can tailor a personalised insurance solution as everyone’s family and circumstances are different.
It is likely once you are married you will live together and at this point if you do have separate finances, you may wish to consider combining them. One easy way to do this would be to open joint bank accounts, reviewing existing debt or buying a home together. Alternatively if one of you already has their own property, you may wish to look into adding a second individual to an existing mortgage so you both are responsible for the property.
Once you are married, we recommend sitting together and making a short-term and long-term financial goal list. This will help you both focus on your lifetime goals and allow you both to start working together on a long and happy lifetime! Retirement will come eventually and you want to be able to enjoy this time together, you will deserve it by that point! So it is important to start planning together so you can achieve your goals when the time comes.
All the top tips and advice we have mentioned can be discussed in greater detail with Dean Scott and we encourage any readers to get in touch with Dean if they have any questions or would like more information! Just email dean.scottsjpp.co.uk.
While financial planning is critical once married, there are other tasks you need to complete ensure all the relevant individuals know you are officially married! Make sure you notify the following of you marriage regardless of if your name has changed or not:
- The Bank
- Building Society
- Children’s school or childcare provider
- Council Tax/ Local Council
- Land Registry
- Student Loan provider
- Credit Card companies
- Driving License
- Your Employer
- Company pension scheme
- Household insurance provider
- Car insurance provider
- Life insurance provider
- Mortgage provider
- Utilities providers (energy, water, wifi, telephone)
- Vehicle registration/ DVLA
- Motoring breakdown cover provider
- Store cards
- Magazine subscriptions
Depending on how you booked your honeymoon, you may choose to change your name on your passport after you get home. However, if you do want to travel as a married couple officially, you are able to apply for your new passport up to 3 months before your ceremony date. You will receive a post dated passport which means it will not be valid until the date of your ceremony at which point your old passport will become invalid. Double check your honeymoon destination before applying for your post dated passport as some countries do not provide visas for post dated passports. In order to complete your post dated passport application, you will need to complete a Post Date Form 2. This can be provided by the council in which you are getting married in or downloaded online.
While the wedding day is incredibly important, there are so many other elements to being a married couple and we hope this blog has helped you consider your to do list after all the celebrations! Don’t forget to visit our website to find out how we can help with your wedding plans and all our other blogs are available here to inspire you through your planning journey.