Financial Planning

Financial Checklist for Newlyweds

Financial Checklist for Newlyweds

Financial Planning

Getting married is an exciting time. It can also be challenging as you navigate financial discussions with your spouse or spouse-to-be. This checklist is intended to help guide your financial discussions and help you outline your personal to-do list.

  1. Consider a prenuptial agreement. A prenuptial agreement can help protect your existing assets and can determine how to handle existing debts. Deciding whether a prenuptial agreement is needed is a personal decision that should be discussed with your partner and an attorney months before your wedding.
  2. Change your beneficiaries. One of the first things to do after getting married is to review and update beneficiaries on your retirement accounts and insurance policies. Beneficiary designations ensure that your assets are distributed according to your wishes at death.
  3. Make or update a will. If you have an existing will, you should update it. If you have yet to have a will drafted, you should plan to get this done sooner rather than later. When meeting with an estate planning attorney, you may also want to consider having a living trust drafted.
  4. Review your property and casualty insurance coverage. As you combine assets, it’s important to review your insurance coverages with your agent to ensure that you are adequately protected. If different companies insure you and your spouse, you may have to decide which insurance company to keep your policies with.
  5. Managing finances. Decide how you want to handle your cash flows. Determine whether you want to keep your individual accounts or open a joint account.
  6. Calculate your joint net worth. Listing your assets and liabilities to develop a net worth statement can be a powerful financial tool. Understanding your current joint net worth provides you with a starting point to outline your financial goals.
  7. Discuss your financial goals. It is important to consider your goals as a couple. Do you want to pay down debt or build savings? How much are you saving for retirement? Sharing your financial goals will set the framework for your financial life together. Setting goals and reevaluating them periodically can help you determine progress and next steps you should take together.

 

Important Disclosure Information: The information contained within this blog is for informational purposes only and is not intended to provide specific advice or recommendations. Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Schultz Financial Group Incorporated), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Schultz Financial Group Incorporated. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Schultz Financial Group Incorporated is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Schultz Financial Group Incorporated’s current written disclosure statement discussing our advisory services and fees is available for review upon request. Please Note: Schultz Financial Group Incorporated does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Schultz Financial Group Incorporated’s web site or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

Where you want to go in life is up to you. How to help you get there is up to us.

Contact us today to start your journey…

Contact

Schultz Financial Group Inc.
10765 Double R Blvd. Suite 200
Reno, NV 89521
Phone: (775) 850-5620
Fax: (775) 850-5639
Email: info@sfginc.com

Where you want to go in life is up to you. How to help you get there is up to us.

Contact us today to start your journey…

Contact

Schultz Financial Group Inc.
10765 Double R Blvd. Suite 200
Reno, NV 89521
Phone: (775) 850-5620
Fax: (775) 850-5639
Email: info@sfginc.com

 

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Copyright © 2019 Schultz Financial Group Inc.

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