If If you are living in a live-in relationship or you are newly married, then you should also focus on your financial planning. There are many financial documents that a couple should have. This will help you in getting financial stability. Couples should also discuss money related issues together. Financial planning should be done together. Let us know what are those documents that a couple should have.
You should have a joint bank account agreement
Couples should have a joint bank account. With a joint account, you can easily manage your household expenses and financial goals. The terms and conditions of a joint bank account should be clear, which should state the rights and responsibilities of both the members. It is important to read and understand this agreement thoroughly to avoid any potential conflict in the future.
testament
It is also important for a couple to have a will. This legal document states who will receive your property and money in the event of your death. With a well-drafted will both partners can ensure that their wishes are respected and their loved ones are looked after.
Property documents
If both of you have purchased a property together, keep all the property related documents. These include purchase agreements, title deeds, loan documents and registration certificates. These documents are not only proof of ownership but are also required for property transfer, loans and legal matters.
Life Insurance Policies
In today’s uncertain world, couples must have life insurance policies. You can buy separate or joint life insurance policies. These will ensure financial security for your partner in case of any untoward event. Do not forget to review and update your policies from time to time to accommodate any changes in your financial situation and family circumstances.
Tax returns and financial statements
It is important for couples to keep a record of tax returns and financial statements. These documents help in filing income tax returns correctly and ensuring compliance with tax laws. Apart from this, these documents also give a clear picture of your financial health. They can be useful in financial planning and taking loans.
Marriage Certificate
A marriage certificate is an important document for couples in India. It legally validates your marriage and serves as proof of your partnership. It is also useful in various financial transactions, including applying for joint loans, insurance policies or opening joint accounts. You must have an updated and valid marriage certificate.
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