The marriage checklist

Andy Huhn
VP, Financial Center Manager, Fifth Third Bank

Somewhere between planning the wedding, taking a honeymoon and resuming normal life, newly married couples need to find time to review and update many financial and legal documents. While it would be nice to handle these tasks ahead of time, some documents must be signed after the wedding to be considered valid.

Of course, that shouldn't stop couples from discussing these topics before their big day. "Some people may also want to consult an attorney or financial advisor," says Andy Huhn, vice president and financial center manager with Fifth Third Bank. "This is especially important if one partner is remarrying, has children or pre-existing assets, such as a home or retirement accounts, or liabilities, such as a poor credit score, alimony or child support."

Huhn suggests new couples get started with the following checklist:

Checking and savings accounts. In many cases, one spouse will add the other to existing savings or checking accounts. If a wife is changing her last name, she also needs to show proof of her new name with a marriage certificate or updated driver's license. Usually these changes require a quick trip to the bank.

Life insurance and retirement accounts. First-time couples typically want to change the beneficiary on these accounts to include their new spouse. To do this, they must obtain and fill out the necessary forms from account administrators.

Tax records. Some individuals may want to change the amount of income tax that's withheld from their paycheck now that they're married. They can do this with a W-4 form, which they can obtain online or from their employer.

Social security and credit cards. If a name change is involved, people need to contact their local Social Security office and credit card companies with their new information. Social Security offices may ask for a copy of a marriage certificate. Policies vary among credit card companies.

Driver's license. People need to update their driver's license if their marriage involves a name change or a new address. This usually requires a trip to the local Department of Motor Vehicles.

Health, home and auto insurance. New couples may want to compare policies and choose just one provider in an effort to reduce costs. Some health insurance providers require that this be done within a certain time frame of the wedding; others require that this be done at certain times of the year. Contact your provider for details.

Estate-planning documents. Depending on what stage of life a newly married couple is in, they may need to update their last will and testament, living will, durable power of attorney for health care and durable power of attorney for financial affairs.

For more information on the marriage checklist, contact Fifth Third at (866) 475-4201 or visit the Fifth Third website.