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Financial Planning Tip of the Month

Financial Planning
Tip of the Month
For the month of March 2003

A change in marital status calls for a financial review

If you are getting married, divorced, or have recently lost your spouse, you certainly have a lot on your mind. While you may feel overwhelmed with all there is to do, it is important not to overlook financial matters when your marital status changes. Some actions you may want to consider include the following:

  • Update your will and power of attorney, if you have them. If you do not, hire a lawyer to draw them up for you.

  • Review your life insurance coverage. Given the recent events in your life, you may want to change your beneficiary and the amount of your coverage.

  • Review the beneficiaries you have named for your 401(k) and IRA plans. Make any changes that are appropriate given your new circumstances.

  • Adjust your Form W-4 (income tax withholding form) for any changes in the number of your dependents. If you're getting married and both you and your spouse work, consider increasing the amount of your withholding to offset any effect of the marriage penalty.

  • Analyze your health insurance options. If you are getting married, you may be able to save money by joining your spouse's plan or by having your spouse join your plan. If you are divorcing or have lost a spouse and have relied on him or her for health insurance, you should investigate the COBRA laws, which may allow you to retain your insurance coverage for up to 18 months.

  • Purchase disability insurance if someone will be dependent on you for financial support.

  • Talk to your automobile insurance agent. If you are getting married, you may save money by combining separate policies. You may also qualify for a marriage discount.

  • Consider a prenuptial agreement if you're getting married and you have children from a previous marriage or have substantial assets.

Getting your affairs in order after a change in marital status is an important step toward financial well-being. For any assistance you need, contact our office. We can help you sort through your options and find the right choices for your new situation.

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