Changes in Marital Status
Sometimes change is small, and
sometimes change is big. Whether you are making plans to
marry, are in the process of separation or divorce, or recently
lost your spouse, several legal documents will soon need your
attention. First & Farmers National Bank does not provide
tax or legal advice; however, we can help you assess your financial
situation. Here are some things you may wish to
If you are making plans to marry -
- Provide a change of address.
- Sit down with your future spouse and discuss your views about
money. Knowing each others' thoughts on money issues could
prevent problems later in life.
- Set up a budget with which both of you can live. Discuss
decisions about money, savings and purchases. Through online
banking, you can take advantage of FinanceWorks® budgeting
- Even though one person may be the one designed to pay the bills
routinely, it is important that both of you understand what you as
a couple are doing financially. A team approach is healthy
for your financial future as well as important if one becomes ill
or is on a lengthy trip.
- If a name change is planned, notify the bank and other
creditors. You will also need to file the change with the
Social Security Administration and Department of Motor
- Review your credit scores and be sure to maintain credit in
your own names.
- Discuss your retirement dreams and financial plans to achieving
- Change beneficiary information on appropriate accounts such as
insurance and retirement. While you are there, consider an
appropriate life insurance policy to protect your family.
- Last but not least, you will need to update all legal
documents, including your will. If you die without a
will, the state will decide how to distribute your probate
If you are separating or divorcing -
- Maintain a current list of your assets and be sure to not
overlook memberships, season tickets to activities, retirement
accounts and life insurance policies. Include the physical
location, account number, and beneficiary information if
- Review your essential financial information files (e.g. tax
returns, statements regarding your bank and other investment
accounts, insurance policies, mortgage or lease agreements,
retirement account, and your estate plan).
- If you haven't already, establish credit in your own
name. This will help you to qualify for credit when
- If you are separated, notify your spouse in writing of your
intent to close all joint accounts at least 10 days before you do
so, then after the designated period of time, close the
- Take a long look at your retirement "big picture."
If you have recently lost your spouse -
- Determine if a will exists and who is designated to handle the
- Determine what is owed. What are your just debts?
How much will the funeral and burial cost?
- Investigate insurance policies.
- See if there are any death benefits.
- Determine amount of state taxes to be paid.