Deciding to settle down with that special someone is an exciting but big step. And, as with any major life change, there are important decisions that need to be made, including ones relating to personal finances, insurance, and super arrangements.
How to manage the wedding whirlwind
Getting married is a pivotal and exciting moment in your life, but it can also be an expensive one. Before you say, “I do”, it’s important that you review your current financial arrangements and future plans with your partner. Below are some ideas to get you started.
Talk about your current arrangements
Share your current financial arrangements with your partner, as each of you may have elements you want to keep, combine, revise, or stop depending on the shared financial goals you come up with.
Get on the same financial page
Sit down and work out your financial goals together, including your spending habits, debts, and financial responsibilities. Doing this before you get married can help you manage your money day to day.
Create a joint budget
This can be a helpful way to track money coming in and going out. Be clear about what you want and when, so you can work together to get there.
Changing your name
If you or your partner are planning on changing your surname once married, be sure to let the Australian Taxation Office (ATO) and your super fund know. Your super fund will direct you to the relevant paperwork you’ll need to complete. If you're with us you can download and complete the Change of Details form here. You may also need to change it elsewhere, such as your bank and utility providers. You’ll most likely be asked for the appropriate documentation, so be sure to have copies handy.
Marriage and super
Nominating or changing beneficiaries
You can decide what happens to your super when you die. It’s called a beneficiary nomination. Leaving your super benefit to your spouse can give you peace of mind that they’ll be looked after into the future.
There are two different beneficiary nominations.
- A non-binding nomination lets us know your preferences which we take into consideration when deciding who gets your super.
- A binding nomination is a legal declaration that directs us to pay your benefit to your eligible beneficiaries. This expires every three years, so make sure you keep it up to date to ensure it remains valid. We’ll also write to you when your nomination is about to expire.
For a Non-binding nomination, you can make or update your preference by logging into Members Online.
To learn more about nominating beneficiaries including who you can nominate click here.
Take the time to understand your partner’s super arrangements, including any insurance they may hold through their super fund. You may choose to update your insurance policies to reflect your new status as a married couple once you tie the knot. This is particularly important if you have life insurance.
Our online insurance calculator can help you tailor your insurance cover according to your new personal requirements.
To learn more about how insurance in super works and the types of insurance available through your LUCRF Super account, click here.
If you or your partner stop working, you can split your before-tax contributions. For example, if you decide to take some time off work to look after a baby.
This means that if you’re not working but your partner is, they can give you some of the super they’ve earned during the year (or vice versa). If you’re thinking about starting a family you can learn more about contributions splitting here here.
If you’re ready to start, it’s easy to do. Simply download this form, provide all the details needed, and send it to us.
Although you can’t combine your super with your partner’s, you can make a retirement plan together. Discuss how you intend to invest your super so that you can achieve the lifestyle that you both want and deserve.
To find out what investment option suit you both, speak to an experienced financial adviser at no extra cost.
Things to consider when getting married
Understand your current arrangements
Share with your partner what your current financial situation is and decide what you want to keep, combine, or revise.
Discuss your financial goals
Talk about your financial goals. The earlier you start planning with your partner, the better.
Create a budget (together)
Compare your income to your expenses. You can use tools on MoneySmart to help you.
Change your personal detailsChange of details
If you decide to change your name, be sure to update your personal details where relevant2 mins
Contributions splittingContributions Splitting Form
Think about making spouse contributions – especially if you, or your partner, are planning to take some time off or start a family.2 mins
Check your insurance
Review and update your insurance policies to suit your new marital status. Complete the Insurance Calculator.3 mins
Changing your beneficiaries
Check that your beneficiary nomination reflects your new circumstances. Request a Binding Death Nomination Form here.
Retirement plansDiscuss your plans for retirement and how you can grow your super together.