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Start Your Marriage on Firm Financial Ground

One of the most popular times of year to get married is finally here.

Thousands of couples will tie the knot this spring and summer, most of them spending countless hours planning the wedding and honeymoon. But it seems very little thought goes into something just as important.

Numerous studies have found that newly married couples aren't spending enough time planning their financial futures.  Here's a list of the five most important things you should do as soon as possible after saying "I do" to protect your financial future:

1) Open a joint bank account and apply for joint credit cards.   This is how you'll establish a credit identity for yourselves as a couple.

2)  Change your beneficiaries. Look at all your assets -- investment accounts, 401(k) plans, IRAs, insurance policies, etc. -- and review your beneficiary designations to  ensure the money will go to your spouse should something happen to you.

3) Get life insurance if you don't have it already.  "This is a very important area that is commonly overlooked by young couples," says Byron Udell, founder and CEO of AccuQuote, a Web-based insurance company that takes the legwork out of the insurance shopping experience. "Many couples think it's too expensive, but the reality is a 30-year old male in good health can get $500,000 in coverage for less than $38 per month."

He recommends couples start the process by asking themselves the following questions: If one of us died tomorrow, how much money would the surviving spouse need to meet monthly living expenses such as the utilities, transportation and food?  How much would it cost for my spouse to continue to maintain his/her standard of living? Would my spouse be able to manage the mortgage or rent payments on one salary?

"Typically, a good rule of thumb is to take out a policy for five to ten times your annual salary," says Udell.  When you're ready to start shopping around, log on to www.accuquote.com. After you fill out a brief questionnaire, the site will provide you with quotes from several companies that can offer you coverage.  

4) Make a will or update your will. Seek the advice of an estate-planning attorney to determine your needs.

5) If the bride will be using her husband's last name, contact the Social Security Administration to get a new card issued.

also see -> How Do We Pay For This? Wedding Finance Tips

Your Financial Future AFTER the Wedding

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