Ensuring your wedding dreams come true.

There’s nothing more exciting—and exhausting—than planning a wedding. But even after the “I do’s” have been said and the thank you notes sent, there are still a number of important legal and financial steps you should take before settling in and spending the rest of your life together.

Establish joint bank accounts—If you are both young and just starting out, it’s probably easiest—and best—to set up joint accounts. That way, you both know exactly how much money is available and you are more likely to work together on a budget. Plus, you are more likely to get better rates if you pool your money.

Revise legal documents—Did one of you change names? If so, be sure to keep several copies of your marriage license, so you can update your credit cards, driver’s license, passport, voter registration card, and all other legal and financial documents. Also, be sure to check with the Social Security Administration to see that it has recorded the change as well.

Review your workplace benefits—Assuming you are both working, you may want to compare medical plans and other benefits to see if see if it makes sense—and if it is permitted—for one spouse to be covered under the other spouse’s plan. (Some employers do not allow spousal coverage if the spouse has access to another policy.)

Consider your tax bracket—Now that you are part of a joint household, you may find that you have jumped into a higher income-tax bracket. If so, you may need to increase your withholding, contribute more to a pretax retirement account, or take other steps to lessen the financial impact.[1]

Re-title assets and property—If you own a car, home, or any other property your spouse will be sharing, you may want to re-title them under both your names or designate them as Joint Tenant with Right of Survivorship (JTWROS), in case something tragic happens to one of you.

Create an estate plan—While you may not have had time to accumulate much in the way of wealth, be sure to look through any insurance policies (workplace or otherwise) and other financial assets you own and make sure your spouse is named a beneficiary. You may also need to update your wills or purchase additional life insurance protection to make sure both of you are financially protected.

Now that you are married, you face a whole new set of responsibilities. The sooner you act upon them, the better off you’ll be…and, who knows, it may even get you out of writing a few thank you notes as well.

This educational third-party article is provided as a courtesy by Nicholas A. Hiatt, Agent, New York Life Insurance Company. To learn more about the information or topics discussed, please contact Nicholas A. Hiatt at NHiatt@FT.NewYorkLife.com (978) 292-8805

[1] Neither New York Life nor its agents provide tax, legal, or accounting advice. Please see your tax, legal, or accounting advisors before determining a course of action.