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Your Financial Life Together

Once the wedding is over, the practicality of day-to-day life together begins. In addition to dividing household responsibilities, couples will also need to determine who will pay the bills, track investments, review bank statements and more. Although it is not necessary to assign each task to one partner, it is critical that you have a system in place to ensure these tasks get done. Here are a few financial and estate-related items that newly married couples should consider.

Review Your Beneficiaries
Go through each of your accounts – including retirement and insurance plans – and ensure that the beneficiaries listed are still accurate. If you would like your spouse to receive the funds from your accounts in the event of your death, make him or her the beneficiary.

Revisit Your Insurance
Upon getting married, it is important to sit down and review both of your medical, life and car insurance plans. Review whether your coverage overlaps in certain areas, or whether you could be saving money by combining coverage.

Changing Your Name
If you change your name upon marrying to your spouse's last name, it is important that you notify certain organizations of the change. You should notify the Immigration Department immediately to register your new details and also to request a new Hong Kong Identity Card. You should also inform your employer and financial services providers such as banks and insurance companies.

Develop a Budget
Whether you already have individual budgets and want to combine them or you are new to budgeting, marriage marks an important time to sit down and create a plan for your spending and savings. Your new budget should reflect your shared living situation and both of your incomes and expenses. For help in developing a joint budget, click here.