Financial Responsibilities of Marriage
When you get married, you will take on certain responsibilities, including:
- financial support of the marriage's children
- liability for certain kinds of family expenses
- sharing income and property acquired during the marriage
- financial responsibility for your spouse in the case of a divorce.
After the Wedding
After you've tied the knot, you are legally joined to your spouse. This means that you may be in line for some paperwork. All of the following are optional, however:
- Changing your name legally.
- Adding your spouse to your health insurance policy.
- Adding your spouse as your beneficiary on bank accounts, retirement plans, securities, and life insurance policies.
- Updating your estate planning documents: will, trusts, powers of attorney, and living wills.
- Adopting your spouse's children.