Rochester Brides & Grooms May - November 2017 Issue #51 - Page 40

Wedding Newlyweds Finance
Marriage Finance
Together You And Me
Beginning Your Financial Journey together
So the wedding and honeymoon are over. You are settled
together and ready to begin "real life" as a couple! But
where do you begin? This section will be a guide to
help you begin your financial journey.
Money Management
In most cases, it is easier for newlyweds to
track finances if their checking accounts and
credit cards are jointly owned. It is important
however that each spouse should maintain at
least one credit card in their own name. Have
an actual discussion with your significant other
about how you see your finances laid out.
Taxes
Everyone's favorite subject! Newlyweds filing
a joint tax return will now encounter an entirely
new tax situation; different from the single filing
status they are accustomed to. Generally, filing
a joint tax return results in a more favorable tax
treatment. Early tax planning with a certified public
accountant is the best way to maximize tax savings Especially your first year as a married couple, we recommended having a tax professional help you out when it comes to filing! 
Wedding Insurance & Benefits
If both of your employers offer a health insurance plan, see if it is cost effective to go under
one plan with the broadest benefits.
• Disability insurance is critical once you are married because your income can be your
greatest asset. Although most people have disability coverage through their employer it
may not be adequate. It may only replace 40% to 60% of their income and pay raises,
pensions, and 401k contributions all stop!
• Life Insurance's primary purpose is to offer financial comfort to a family in the event of death.
Typically there are two types of life insurance, term and whole life. A good rule of thumb is
to have coverage anywhere from 5 to 10 times your annual salaries.
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