Talking About Accounting Services

Posted on: 29 October 2015

After the wedding and honeymoon are over, most newlyweds are still busy adjusting to their new lives, getting to know new family members and setting up a new home. But it's important to make time to meet with 5 specific people as you begin your new married adventure. Here are those 5 vital people to schedule time with -- the sooner the better.

1. Lawyer

Schedule a sit-down with a lawyer to create or revise both partners' wills and/or trusts. Research suggests that half of Americans do not have a will and even fewer have a living will or revocable trust (which protects your interests and choices in the event of illness or accident). If this includes you, a new marriage is the perfect time to ensure that you and your new spouse are protected during emergencies. While you may be able to write a basic will on your own, using an estate lawyer will help prevent errors -- particularly if there are children involved. 

2. Accountant

A new family means new financial responsibilities and benefits. Meeting with an accountant (preferably a certified public accountant or CPA) is a good way to make sure that you understand these changes. Bring all your financial accounts and sources of income to the meeting, and be sure to discuss any money decisions that you as a couple are considering (such as buying a home, moving, having children or changing jobs) to plan for the first year and beyond. The accountant can help you determine the best withholding amounts to have deducted, how you will file taxes and the implications of combining income reporting. This is also a good time to start planning for the future by discussing retirement contributions, college savings plans and joint bank accounts. Contact a CPA like Amos Maney & Payne CPA's LLC to learn more. 

3. Insurance Agent

Meet with your insurance agent or broker to review your coverage in light of your new status. Have your spouse and new assets added to any necessary policies (and ask for multi-vehicle or added driver discounts). Make sure that your homeowners' insurance covers any additional assets your spouse brought to the home, such as jewelry, equipment, or heirlooms. If you have individual or exchange-based health insurance, research your options for adding your new partner if needed.  

4. Human Resources

Both spouses should meet with their employers' Human Resources departments individually or together. Update your contact information and emergency information as well. Ask about how to change beneficiary designations on all workplace insurance, retirement accounts and stock option plans. You will probably want to change your withholding designations and review all employer-provided benefits like insurance coverage and retirement planning. 

5. Each Other 

Perhaps the most important person for any newlywed to meet with regularly is his or her partner. Start your relationship off well by sitting down to discuss potentially uncomfortable topics openly and calmly. This should include sharing your whole financial situation -- income and debt -- with your partner as well as deciding how to handle family money requests, who will pay bills, how much can be spent without consultation and family financial goals. Schedule a regular meeting once a week or at least once a month. 

Starting a new family is an exciting time. By buying out time to meet with these 5 individuals, you can help ensure that it remains a source of excitement and sharing for years to come.