Changes You Need to Make After Marriage - NYCM Insurance Blog

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Apr 24, 2019

Changes You Need to Make After Marriage


Getting married is exciting! From wedding planning to a luxurious honeymoon, the time surrounding one’s wedding can be one of the happiest in life. But among all the fun of picking out floral arrangements, dress fittings and cake tastings, it’s important to also plan for important agenda items you’ll have to complete after you’ve tied the knot.

Here are some things you’ll need to revisit:


Discuss Your Insurance Policies

Car - For car insurance, it would be a good idea to sit down and compare your policies. If you both have a good driving record with minimal to no claims, combining policies may save you money. Having multiple cars on one policy can even earn you discounts in some instances.

However, if one or both of you have had multiple claims or a questionable driving record, it may be a good idea to keep your policies separate. Sit down with your agent to discuss your best options.

Home – Make sure you have adequate home or rental coverage. In some cases, both people have policies and are over-insured as well as overpaying. Make sure you sit down and consolidate your policies to ensure you’re only paying for what you really need. Again, if you’re unsure, consult with your insurance agent.

Health- While most people get health insurance through their employer, it is important to compare your significant other’s health insurance package with your own. In many cases, one person’s benefits package outweighs the other. For help in this area, it would be helpful to talk to each of your Human Resource departments to see what it takes to have your spouse covered. As a heads up – you do not have much time after you get married to make this change. Often, if you do not make changes within 1-2 months after exchanging vows, you will likely have to wait until the following enrollment period. Be sure to check with your HR department to get details.


Insure Your Engagement Ring

Let’s face it, weddings are not cheap. In most cases, the engagement ring wasn’t cheap either.  No matter the cost of the ring, you want to be sure you are covered in every way possible. It is always a good idea to look into coverage for your diamond ring. You can add coverage as an extension (also known as a rider or endorsement) to your homeowner’s or renter's policy. Although nothing can replace the sentiment behind your ring, this will provide peace of mind if anything goes wrong.


Consider Your Taxes

Once you’re married, finances are one of the main things that can change. How you file your income taxes (jointly or separately) may result in a marriage “penalty” or “bonus.” A penalty occurs when you file jointly, meaning both of your incomes are reflected and you are pushed into a higher tax bracket, forcing you to pay out more. Opposite of a penalty is a marriage bonus which causes you to actually pay less in taxes after combining incomes. Before deciding how to file, you may want to try out this calculator to see where you’ll end up!


Changing Your Name

While many people decide to change their name after marriage, it is not something you are required to do. If, however, you do decide to change your surname post-marriage, you will need to make the change in a few different places. Here is a list to help you out:

Social Security - Unfortunately you cannot make this change online – if only it were that simple! Instead, you will need to print and fill out an application for a new social security card.  Take the completed application, a copy of your marriage certificate and proof of citizenship (i.e. birth certificate) to your local S.S. office.

Driver’s License - Take your updated Social Security card, birth certificate, marriage license and previous driver’s license to your local DMV to make this change.

Other areas to remember - Do you have a passport?  If so, you will need to update that information with your new name.  Notify your bank(s), loan lender(s), Post Office and all of your utility services (cable, electric, water, heat, etc). as well.


Assign Beneficiaries and Create a Will

While this may be the last thing on your mind at this time in your life, it is something that comes along with marriage. In the midst of all of these updates, you may want to consider adding your spouse as a beneficiary. This means that if something were to happen to you, your spouse would inherit your assets.

If not already created, you will want to think about creating a living will, last will and testament, power of attorney and medical power of attorney. Here is a helpful article on how to do all of the above.

Weddings take time, effort and a ton of organization to plan – but the hard work doesn’t stop after the big day is over.  Take the time to get as many of these things done in advance and save yourself from future headaches.

Click on the button below to download a free checklist covering all of the topics listed above. Print it out and add it to your wedding planning binder!




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