Financial movements to be made after marriage

METRO CREATIVE PHOTO A couple who obtain a marriage license and marriage certificate in Jefferson County can get married in any county in Iowa, but the completed marriage certificate must be returned and filed in the county by Jefferson.

To marry? Congratulations! By now you’ve probably sat down with your partner to talk about finances, as if you were going open a joint account. So on D-Day, try to live in the moment and take a few moments after to enjoy your new status as a couple. But when you’re ready to tackle the financial aspects of marriage, here are the most important things to get started with.

Decide how to manage your accounts

These days, not all couples share their bank accounts. However, there are a few the advantages of having at least one joint account. Managing household expenses can be made much easier with an account that both people can access and contribute to. But there can also be downsides. If one person has a significantly lower credit score than the other, it could affect the offers the couple has access to.

Determine your financial goals

What does money mean to you? Do you want to save enough for a vacation each year or focus on building a nest egg? What do you want your financial situation to look like in five years? Talking about and agreeing on your financial goals as a couple can help you avoid arguments and put you on the same page to build a better future together. When you and your partner are aligned with what to expect from your finances, achieving those goals will be even more rewarding.

Calculate your net worth

Now is the time to put your whole financial story on the table, if you haven’t already. The more clearly you understand where you stand financially, the better off you will be in the long run. List unpaid debts, all payments owed to previous spouses (such as child support), all income, investments, and all accounts (including retirement accounts). Use it as a springboard for setting your financial goals and your daily budget.

Create a budget together

Even if you have separate accounts, a common family budget is essential to achieving your financial goals! Chat with your partner and be sure to prioritize your shared financial goals when setting your annual and monthly budgets.

Change your name

If one or both partners choose to change their name, it will be important to take steps to ensure that your creditors, financial institutions, and other entities are aware of the name change. This process can take a long time, so don’t delay. It may be helpful to make a list of all places and documents that may require official information about the name change, such as:

Social security card

· Driving license

· Passport

Vehicle registration, rental contracts and other documents

Schools

· Work places

Creditors (including outstanding student loans)

· Financial institutions

Voting register

If you pick one up, we wish you and your spouse a very happy honeymoon and a successful start to life together! And if you have any further questions about your finances as a couple, our bankers will be happy to help. Stop at any Hills Bank location Where contact us online.

Hillsbank.com/bank

Member of the Hills FDIC Bank

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