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Congratulations! Now that you’re married, we wish you and your partner a lifetime of love and happiness—and financial harmony. Here are a few tips to help you get started in this new phase of your financial life:
- Update your info and documents
Make sure things like your financial accounts, insurance policies, and emergency contact lists all have the latest details.
- Know what to expect with taxes
Depending on how you file, getting married could mean higher standard deductions and other changes.
- Learn about post-nuptial agreements
These are similar to prenups but are made after the wedding. See if they might make sense for you.
After the big day
Checklist #1
Information and documents to update
- Address (if you’re moving).
- Financial accounts (if you’re combining them).
- Beneficiaries.
- Insurance policies.
- Leases (if you’re adding names to them).
- Emergency contact lists.
- Deeds and titles (if that’s part of your plan).
- Legal documents, including wills, power of attorney forms, and trust documents.
Checklist #2
These need updates if you’re changing your name
- Social Security card. (You may want to do this first, since it’s often used as verification for other updates.)
- Driver’s license. (You may want to do this second, for the same reason as above.)
- Passport.
- Professional licenses and accreditations.
- Debts and loans, such as car loans and credit cards (if that’s part of your plan).
- Financial accounts.
- If you’re someone else’s beneficiary, it’s a good idea for them to update their info with your new name.
Tip: Changing your last name may take some time. If you’re planning a honeymoon near the wedding date, you might want to delay the name change until your trip is over. It may also help to have a few certified copies of your marriage certificate on hand, as it’s often used to verify a name change.
Helpful tips and considerations
Taxes
If you’re newly married, there are a few things to keep in mind with taxes:
- If you’re filing your taxes jointly, there are higher standard deductions than when you were single.
- You’ll want to make sure your paycheck withholdings are appropriate to help avoid a large tax bill or refund at the end of the year.
- Even if you got married on December 31, you’re generally considered married for that entire year.
- If your combined salaries move you into a higher tax bracket, you may face a larger tax bill. Plan for this potential beforehand.
Post-nuptial agreements
- A change in financial status after marriage.
- An inheritance.
- Starting a business.
- A large, unexpected increase in income.
Agreements can address things like alimony, inheritances, future earnings, investments, and debts. How these agreements are enforced varies by state. Make sure to work with an attorney if you’re considering this option.
Keep finances on your radar
Enjoy your married life together. But don’t forget to revisit your finances now and again to make sure you’re on track—and on the same page.
Once you’ve finished your after-marriage checklists, it’s time to start thinking about your future goals together. For tips on saving for multiple goals, check out this article.
Vanguard has investment options that can help you save for more than just retirement. After you get married, you may be ready to start planning for your next short-term goals—like building emergency savings, buying a car, or saving for a down payment on a home.
Check out examples of short-term goals and the types of accounts you may want to consider.
Get help from Vanguard
Getting married is a major life event. So it’s a great time to see if financial advice is right for your future. If your retirement plan is at Vanguard, see what advice options we offer.
Vanguard does not provide individual tax advice. You should consult with your tax advisor before making any decisions as to your specific circumstances.
Advisory services are provided by Vanguard Advisers, Inc. (VAI), a registered investment advisor. Eligibility restrictions may apply. VAI cannot guarantee a profit or prevent a loss.
