A-Z of personal finance: F is for family finances

Yours, Mine, and Ours
As two individuals merge all their worldly goods there are many things to consider. After the excitement of the wedding ceremonies, it is time to face your financial future together. Have you effected your name change on your documents? Have you updated your insurance policies to reflect your new beneficiary?

Name Changes
Should you decide to adopt your spouse’s name, take time to update your records; change your name on your drivers’ license, your share certificates, your will and other legal documents. Notify your employer, creditors, insurance agents, and bankers who will need to see your certified marriage certificate as legal proof of your new status before any changes can be effected.

Review your Insurance
If you and your spouse work and are covered by separate health plans through your jobs, compare the two plans as you may find that it might work out cheaper to have one family plan instead of two individual ones.

Dealing with debt
Many people don’t discover the extent of their spouse’s financial obligations until they are married. Debt brought into marriage can be a major source of strife if not disclosed. Whilst you are not legally responsible for the credit-card debt or other loans opened in your spouse’s name, it could affect your eligibility for joint loans such as a mortgage.

The full text appears in “A-Z of Personal Finance” by Nimi Akinkugbe. Available in leading bookstores including Glendora Books, Laterna Books, Patabah, Terra Kulture, Quintessence, Jazzhole …and online from Jumia, Amazon, Barnes & Noble, Manna Books and AMV Publishing