Getting married is a joyful event, marking the beginning of a shared journey with your life partner. However, alongside the wedding preparations, there's a less-discussed aspect: the paperwork. Understanding the financial implications of post-marriage legal documentation can help newlyweds budget effectively and avoid unexpected costs. This article will guide you through the various legal paperwork you might encounter after tying the knot, offering insights into what each document entails and what to expect in terms of costs.
Marriage Certificate
The Marriage Certificate is the cornerstone document proving your marital status. Here’s what to expect:
- Fee Range: This can vary widely depending on location but typically ranges from 10 to 100.
- Issuance Time: Usually issued on the spot or within a few days after the marriage ceremony.
- Additional Costs: If you require expedited processing or certified copies, additional fees may apply.
💡 Note: Ensure to get multiple copies as they're required for several processes like name changes or insurance updates.
Name Change Documentation
If you or your spouse plan to change your last name, the following are the documents you might need:
| Document | Fee |
|---|---|
| Driver’s License | 10 - 30 |
| Social Security Card | Free |
| Passport | 110 - 170 (new) / 60 - 70 (renewal) |
- Total Cost: Varies, typically between $130 and $300, considering other potential name changes (e.g., on bank accounts, deeds, etc.).
- Timeframe: Can take several weeks or months, especially for passport updates.
Updating Wills and Estate Planning
Marriage changes your estate planning landscape:
- New Will: Creating or updating a will can cost between 200 - 1000+, depending on the complexity and whether you involve an attorney.
- Power of Attorney: Fees can range from 100 to 300.
- Healthcare Proxy: Similar cost to Power of Attorney, approximately 100 to 300.
📌 Note: Even if you update documents together, legal fees could double if you're using the same attorney for both documents.
Joint Bank Account and Insurance Updates
Post-marriage, here’s what might be involved:
- Joint Bank Account: Often free or low cost, though some banks might charge small fees for specific services or account types.
- Insurance Policies: Updating beneficiaries or adding spousal coverage can range from $0 to several hundred dollars, depending on policy changes and provider fees.
Marriage License Copy or Amendments
Accidental errors or a need for additional copies can incur:
- Copies: 5 - 20 per copy.
- Amendments: Could range from 25 - 150, depending on the severity and whether a new document is required.
In summary, the cost of legal paperwork after marriage can quickly add up. By planning ahead and understanding these various fees and processes, couples can better manage their finances and avoid unexpected expenses. Keep in mind that while these costs might seem daunting, the legal protections and clarity they provide can be invaluable in the long run.
Why is it important to update insurance policies after marriage?
+Updating insurance policies ensures that your spouse is covered and that your beneficiaries are up to date, offering necessary protection in case of any unfortunate events.
What happens if I don’t update my will after marriage?
+If you don’t update your will, your assets might not be distributed as intended, and your spouse might inherit less than you would want them to, or worse, might be disinherited due to outdated documents.
Can I change my name without going through all these steps?
+You can legally take your spouse’s surname by showing your marriage certificate to most institutions. However, for a legal name change to be recognized by government agencies, you’ll need to follow the formal process, including obtaining a court order in some jurisdictions.
