After the Wedding

So now that you’re ready to update your last name, where do you begin?Now that you have your marriage license, it will be number one in your arsenal of proof. Be sure that no matter where you go to prove that you’re married you bring the original with you. It must have a raised seal for it to be officially accepted. In addition to your marriage license, bring your social security card, driver’s license, passport, and even a copy of your spouse’s driver’s license, if you must! Some places require multiple forms of identity to be sure this is not identity theft.

Now that your arsenal is safely packed away, start by calling the Social Security Administration. They will help you via an automated system to walk you through the process of changing your last name. Or, go online to socialsecurity.gov. After the information has gone through, you should receive a new card in the mail for free. Please Note: If anyone tries to charge you for a card, they are NOT the SSA. They are scammers. Write down the number that called you and ask for a number and extension to call them back. Then call the authorities to let them know what happened.

Now that you have a new social security card, go to everyone’s favorite place, the DMV! Oddly enough, it’s harder to prove to the DMV than the SSA that you are who you say you are. Bring ALL the ID’s you have to prove to them that you are married and need a last name change. Be aware the DMV requires that you come in person, no matter what.

Next, call your boss or HR person to have your payroll changed, contact the electric, phone, and water companies plus banks, credit card companies, post office, insurance companies, lease/mortgage agent, and of course, your passport. Whew what a list!

Among the toasters and food processors you’ll receive as gifts, you may find a few envelopes filled with good wishes, cash and checks. Though it’s tempting to imagine spending the money, it’s also important to get your finances in order to assure lifelong security.

While some believe the best gifts lie in those envelopes, you have probably noticed that monetary gifts are the only ones that don’t come with instructions. Emptying those envelopes into the most prudent method of cash management isn’t really that complicated or time consuming. Not only is it vital for the married couple, but it’s critical that newlyweds get their “financial houses” in order to assure lifelong financial security.

Figure your net worth. You can’t decide where to go until you’ve measured where you are. So add up the value of everything you own. Now, subtract from that everything you owe. That’s your net worth.

Determine your financial goals. What are your dreams? Where do you plan to be financially in five, 10 or 15 years? Create a safety net, such as insurance, to protect against the unexpected.

Plan a strategy to reach your goals. What’s it going to take to reach your goals? Seek out a financial planner to help advise you of your options. Many professionals will even provide a free initial consultation.

Be sure to learn as much as possible. It’s important that you start out on the right foot and that begins with making informed decisions.

Your first home may not be your ideal home, but with property appreciation and the improvements you make, you may profit from the eventual sale of the home with money you can put toward the house of your dreams.

A home is an investment that helps stave off inflation. Homes do not appreciate equally, and some years add more value than others. Real estate has, historically speaking, kept pace with inflation, and often overtakes it.

Most young couples face the challenge of financing their first house. Many find the following list of options to be successful avenues available to them:

• Gifts – A financial gift can provide an immediate down payment; it may be from an inheritance that parents may plan to bestow, or a generous present from another relative.

• Loans – Your down payment may be secured by providing collateral or the cash equivalent (i.e.: a car or other valuable possession).

• Co-Investment – Parents can aid in acquiring a first home by signing on as co-investors. They provide the down payment and you make the monthly payments as a form of rent. Both parties share in the appreciation when the house is sold.

• Outright Investment – Parents can buy the home and rent to the couple with the understanding that the children may later purchase it from them.

• Co-Signing – In all of these categories thus far, parents may be required to co-sign a mortgage note. This method assists the new couple in establishing a positive credit rating without income qualifications.

The “prenup” is often dismissed as a prerogative of the rich and famous, but in fact it can benefit most couples. Getting on the same page about each spouse’s financial picture can make a marriage stronger, as money is one of the top reasons why marriages fail. While it may be beneficial for a young, first-marriage couple to have a prenup to protect their non-marital assets, it is equally important to ensure that the parties work together building their future as opposed to living financially independent lives.

If you’re a millennial bride, you may have student loan debt. A prenuptial agreement can specify how that premarital debt is paid and from what source. On the other hand, if you’re part of an older generation, you’re probably bringing assets and possibly even children into the marriage, and you may wish to protect family property and other assets. Same-sex couples are also prime candidates for prenuptial agreements, particularly in light of a recent Supreme Court ruling clarifying that marriage is a right bestowed on all couples. These marriages are unique because many same-sex couples have lived together for years while acquiring property, establishing careers, and essentially living as a married couple. A prenup provides the ability to delineate which assets are considered marital and how to deal with alimony and other support issues.

Prenuptial agreements are extremely flexible tools. The content can vary widely, simply protecting a single asset such as a business or family interest, or it can be completely comprehensive, including any and all financial and non-financial issues. Regardless of the prenup’s actual scope, you should seek the help of an attorney who is an expert in the field and who practices with compassion. He or she will help you say “I will” to a prenuptial agreement before declaring “I do” at the altar.

This information is courtesy Mitchell K. Karpf, Young Berman Karpf & Gonzalez