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Lombard estate planning attorneysPeople can get uncomfortable when discussing the role finances play in how successful or fulfilling a marriage will be. However, the simple fact is that money is consistently found to be the number one cause of stress in marriages. Studies have even shown that couples arguing over finances is the top predictor of divorce. Marriage is a financial partnership as much as it is a romantic partnership. If you are tying the knot this summer or have recently wed, read on to learn the steps newlyweds should take to protect their financial future.

Update Beneficiary Designations

Getting married can be quite the challenging and chaotic undertaking. Between choosing the venue, inviting guests, hosting the reception, and finding places for all those wedding gifts, some newlywed couples forget that there are certain financial steps they should take as well. Many unmarried individuals have their parents chosen as beneficiaries on things like life insurance policies and retirement accounts. When those individuals get married, they will need to change the beneficiary to their new spouse—presuming they wish to do so, of course. If the beneficiary designation is not modified and a tragic accident occurs, the surviving spouse will not receive any of that life insurance policy's payout. After getting married, each spouse should review financial accounts such as 401ks, brokerage accounts, IRAs, and bank accounts and update beneficiary designations as needed.

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