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Getting married? Here’s a financial checklist

By Tom Harris / February 19, 2016

Last year Tom Harris got married. Amongst all the planning and celebrations, he was determined not to be a financial planning adviser without a financial plan, like a plumber with a leaky tap. Here’s Tom’s checklist of issues to consider.
Last year Tom Harris got married. Here's his checklist of issues to consider.
GETTING MARRIED FINANCIAL CHECKLIST

  1. Budget for the wedding
  2. Review private health insurance
  3. Review banking/savings/budget arrangements
  4. Update wills
  5. Consider a Binding Financial Agreement
  6. Review personal insurances
  7. Changing your name
  8. Register for Medicare Safety Net
  9. Get a family doctor

Considering these steps will get your financial future off to a good start:

  1. Budget for the wedding – It will cost more than you first think – the small costs really add up. Do an excel spreadsheet with all expected costs – you will be amazed at the total. Do this early as it will help shape your wedding plans.
  2. Private health – Do you have it, do you need it, do you wish to combine policies? If you earn over $180,000 as a couple it may be cheaper to pay for private health than the government Medicare Surcharge. If you are planning to have children as a private patient you need to have a policy including pregnancy 12 months prior to the birth – this catches a few people.
  3. Banking/budgeting – Have the conversation about how you wish to run your finances. Do you wish to bank separately, together, a bit of both? How do you wish to budget, save, pay a mortgage, invest, pay the bills and spend? Having a plan that works for you is important for your finances and your happiness.
  4. Wills – Marriage will void an existing will so update your wills post wedding. Whilst we think ‘I’m young and it won’t happen to me’, it’s best to have a will as it’s a nightmare for those surviving a loved one if there is no valid will. A specialist estate planning lawyer is required if you have complex affairs. A will kit from the newsagent is better than nothing if your situation is simple and you understand the requirements. Also consider implementing Powers of Attorney.
  5. Consider a Binding Financial Agreement (aka a pre-nuptial agreement) – This isn’t relevant for many couples, but is important to others especially if your situations entering the marriage are different due to children, previous relationships or financial position.
  6. Personal insurances – Most young singles don’t have life, disability, income protection or trauma insurance. Time to review. You now have a partner to support and you may soon have children too.
  7. Are you changing your name? – If so it’s best to change everything at the same time, this will be cleaner and easier as there are a lot of institutions to notify.
  8. Medicare Safety Net – to register contact the Department of Human Services— Medicare by calling 132 011. Registering as a family allows eligible out-of-pocket costs for each individual family member to count toward the family’s Medicare Safety Net threshold.
  9. Family doctor – It’s advisable to get one – your health is important.

Tom Harris is a Melbourne based Financial Adviser. He manages a team providing investment advice, tax strategy, personal insurance and home lending.

About the Author

Tom Harris, Accru Melbourne

Tom specialises in providing investment advice to private clients and not-for-profit organisations. He has an outstanding knowledge of financial markets and the associated tax issues. His expertise includes retirement planning, SMSF strategies, asset protection succession and estate planning. Tom achieved the top score nationally for FINSIA subject ‘Financial markets and Economics’. Read more.

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