Guide to Economic Stability

Getting married, planning a wedding, or in a live-in relationship? It is very important for you to have some important financial documents. These documents not only provide you financial security but also ensure your financial stability. Financial experts believe that couples should do financial planning together. Let us know which documents you must have.

1. Life Insurance Policy

It is important for every couple to have a life insurance policy. If you wish, you can buy individual or joint insurance policies.

• Importance: Your partner’s financial security is ensured in case of any untoward incident.
• Tip: Review and update your policies periodically to accommodate any new changes.

2. Joint Bank Account Agreement

Joint bank account helps in meeting household expenses and financial goals easily.

• Importance: This provides transparency in financial transactions to both the partners.
• Suggestion:
  • The terms and conditions of the account should be clear.
  • Understand the rights and responsibilities of both thoroughly.
  • Read the agreement carefully to avoid any disputes in future.

3. Marriage certificate

The marriage certificate legally recognizes your marriage.

• Importance:
  • Serves as a legal document.
  • Required for opening a joint loan, insurance policy, or joint account.
• Tip: Keep it safe and readily available when needed.

4. Will

A Will is an important legal document that ensures that your property is distributed as you wish after your death.

• Importance:
  • Ensures proper distribution of your property and wealth.
  • The safety of your loved ones is ensured.
• Suggestion: Both partners should make a well-drafted will.

5. Property Documents

If you and your partner have purchased a property together, then keep all the documents related to it safely.

• Importance:
  • Documents like purchase agreement, title deed, loan document, registration certificate are the proof of ownership.
  • Useful in property transfers, loan applications, and legal matters.
• Suggestion: Make copies of these documents and keep them in a safe place.

6. Tax Returns

Tax returns and other financial statements are important to couples.

• Importance:
  • Helpful in filing income tax returns.
  • Provides a clear assessment of your financial health.
  • Helpful in loan application and financial planning.
• Suggestion:
  • Keep copies of tax returns for the last few years.
  • Don’t forget tax filing dates.