Some? There are financial documents that couples must have. If you are getting married, thinking of getting married or living in a live-in relationship, then you definitely need to be aware about these. These documents will give you financial stability. Financial experts say that couples should do financial planning together. Let us know which financial documents couples should have.
Life Insurance Policies
Couples must have life insurance policies. You can buy separate or joint life insurance policies. This will ensure your partner’s financial security in case of any untoward incident. Be sure to review and update your policies periodically to accommodate any changes in your financial situation and family circumstances.
joint bank account agreement
Couples should have a joint bank account. With a joint account, you can easily meet your household expenses and financial goals. A joint bank account should have clear terms and conditions that outline the rights and responsibilities of both members. It is important to read and understand this agreement thoroughly to avoid any possible conflict in future.
marriage certificate
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 used in various financial transactions. These include applying for joint loans, insurance policies or opening joint accounts.
Testament
A couple must also 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 taken care of.
property documents
If both of you have purchased a property together, then keep all the documents related to the property. These include purchase agreements, title deeds, loan documents and registration certificates. These documents are not only proof of ownership but are also important in property transfer, loans and legal matters.
tax returns
It is important for couples to keep records 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. These can be useful in financial planning and taking loans.
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