Change in Marital Status

Whether you’re marrying or divorcing, there are important financial tasks to complete.

When getting married…

Divide tasks so that you are both aware of your financial obligations and provide one another with frequent updates.
Make decisions about money and purchases, especially major decisions, collaboratively.
Discuss retirement dreams and establish goals and timelines.
Maintain credit in both names.
Update all beneficiary designations.
Notify your bank and other creditors of any name change.
Strongly consider life insurance for replacing lost income.
Update legal documents, especially your will.

When getting divorced…

Maintain a file of basic financial information that dates back five years, including tax returns, retirement account records, insurance policies; financial statements, mortgage or lease agreements and your estate plan.
Keep a current list of all assets, including account numbers and beneficiary information.
Close all joint accounts. If you’re getting separated, notify your spouse in writing of your intent to close these accounts at least 10 days prior.
Update all beneficiary designations.
Review your overall investment/retirement situation.

Old National Wealth Management can help you make a smooth financial transition from one marital status to another.

Disclosures:

INVESTMENT PRODUCTS: NOT FDIC INSURED * NO BANK GUARANTEE * MAY LOSE VALUE