Marriage can easily be the most significant change in your life. If you stop to consider all of the legal, financial, and administrative changes you and your new spouse will encounter, you likely will have many questions. Don't start your new life with uncertainty. Get answers here.

• What are the major differences in legal treatment between married and unmarried couples?
• What are the tax implications of marriage?
• Do married couples need more life insurance?
• Do we need to update our wills?
• If one spouse changes his or her name, whom do we need to notify?
• How can married couples own property?
  
  

There are several differences in legal treatment. Specifically, married couples:

• Automatically inherit each other’s property. Married couples who do not have a will have the state intestacy laws to back them up; the surviving spouse will inherit at least a fraction of the deceased spouse’s property under the law.
• Have the right to speak for each other in a medical crisis. Unmarried couples have taken care of legal paperwork before they have the right to do so.
• Have the right to manage each other’s finances in a crisis. A husband and wife who have jointly owned assets will generally be affected less by this problem than an unmarried couple.

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Once you are married you are entitled to file a joint income tax return. While this simplifies the filing process, you may find your tax bill either higher or lower than if each of you had remained single. Where it’s higher it’s because when you file jointly more of your income is taxed in the higher tax brackets. This is frequently referred to as the "marriage tax penalty." Tax law changes intended to reduce the marriage penalty became effective in 2003, but don't eliminate the penalty for taxpayers in the higher brackets.

You can not avoid the marriage penalty by filing separate returns after you’re married. In fact filing as "married filing separately" can actually increase your taxes. You should consult your tax advisor as to the optimal filing status for your situation.

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The purpose of life insurance is to provide a source of income for your children, dependents, or whoever you choose as a beneficiary, in case of your death. Therefore married couples typically need more life insurance than their single counterparts.

Whether you need to buy life insurance depends on whether anyone is depending on your income. If you have a spouse, child, parent, or some other individual who depends on your income, you probably need life insurance. Here are some typical families that need life insurance:

• Families or single parents with young children or other dependents. The younger your children, the more insurance you need. If both spouses earn income, then both spouses should be insured, with insurance amounts proportionate to salary amounts. If the family cannot afford to insure both wage earners, the primary wage earner should be insured first, and the secondary wage earner should be insured later on. A less expensive term policy might be used to fill an insurance gap. If one spouse does not work outside the home, insurance should be purchased to cover the absence of the services being provided by that spouse (child care, housekeeping, bookkeeping). However, if funds are limited, insurance on the non-wage earner should be secondary to insurance on the life of the wage earner.
• Adults with no children or other dependents. If your spouse could live comfortably without your income, then you will need less insurance than the people in situation (1). However, you will still need some life insurance. At a minimum, you will want to provide for burial expenses, for paying off whatever debts you have incurred, and for providing an orderly transition for the surviving spouse. If your spouse would undergo financial hardship without your income, or if you do not have adequate savings, you may need to purchase more insurance. The amount will depend on your salary level and that of your spouse, on the amount of savings you have, and on the amount of debt you both have.
• Single adults with no dependents. You will need only enough insurance to cover burial expenses and debts, unless you want to use insurance for estate planning purposes.
• Children. Children generally need only enough life insurance to pay burial expenses and medical debts. In some cases, a life insurance policy might be used as a long-term savings vehicle.

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Absolutely. Your will should be updated often, especially when such a significant life event occurs. Otherwise you spouse and other intended beneficiaries may not get what you intended upon your death.

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You should notify all organizations with which you previously corresponded with your maiden name. The following is good list to start with:

• The Social Security Administration.
• Driver’s license bureau.
• Auto license bureau.
• Passport office.
• Employer.
• Voter’s registration office.
• School alumni offices.
• Investment and bank accounts.
• Insurance agents.
• Retirement accounts.
• Credit cards and loans.
• Subscriptions.
• Club memberships.
• Post Office.

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There are several ways of owning property after marriage. These vary from state to state.

• Sole tenancy – Ownership by one individual. At death the property passes according to your will.
• Joint Tenancy, with right of survivorship - Equal ownership by two or more people. At death property passes to the joint owner's. This is an effective way of avoiding probate.
• Tenancy in Common – Joint ownership of property without the right of survivorship. At death your share of the property passes according to your will.
• Tenancy by the Entirety – Similar to Joint Tenancy, with right of survivorship. This is only available for spouses and prevents one spouse from disposing of the property without the others permission.

Community property – Equal ownership of property acquired during a marriage. Community property states are AZ, CA, ID, LA, NV, NM, TX, WA, and WI.

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