When non-traditional couples marry life can become a lot more fulfilling-and a lot more complicated. This is certainly the case when both parties bring substantial assets to the table, an ex is in the picture, or there are children to consider. To help minimize or avoid serious financial complications in your new life together, it's important to talk candidly with your partner before saying "I do."

Money isn't always a pleasant or easy subject to talk about. For this reason, engaged couples may be tempted to stay as far away from it as possible. However, arguments over money can cause significant marital strain, and it's important to get a complete financial picture before your marriage-liabilities as well as assets. Among those that should be carefully examined are:

• *Debt, including outstanding loans, credit card balances, tax liabilities, mortgages, etc.
• *Salaries
• *Checking accounts
• *Savings accounts
• *401(k) and other retirement plans
• *Investments, including stocks, employees stock options, bonds, mutual funds, and annuities
• *Real estate holdings, including a house, vacation home, condo, and/or co-op
• *Life insurance policies
• *Auto insurance
• *Health insurance
• *Homeowner's or renter's insurance, including coverage for jewelry and collectibles
• *Wills and other estate planning documents

With (or without) sizable wealth in the relationship, for example, extensive real estate holdings, precious heirlooms, or an inheritance, a binding domestic partnership agreement would be wise. In this case, check with an attorney who specializes in Lesbian Gay Bisexual and Transgender issues.

Many newly married couples cite differences over money as the leading cause of conflict in their first year of marriage. To help mitigate this, Steven Pybrum, author of "Money and Marriage: Making It Work Together" suggests having a conversation about marital finances and financial divisions at least six months before the marriage, to identify and resolve major differences in saving and spending attitudes. He also offers a suggestion to those entering into marriage; "It's okay to have separate accounts. People are finding out that it's more comfortable to have a combination of separate and joint accounts."

Things to take care of promptly after you get married:

• *Change your name on key accounts and documents-if one or both of you change your last name
• *Update your beneficiary information.

Following is a brief checklist for the name change:

• *Bank accounts
• *Credit cards
• *Driver's license
• *Employee change of status form where you work
• *Health insurance identification card
• *Insurance policies
• *Medical prescription cards
• *Passport
• *Savings plans, e.g., 401(k)s or 403(b)s
• *Securities
• *Social Security card
• *Tax forms
• *Voter registration information

For same-sex couples, it's critically important to update your beneficiary information on all documents as soon as possible. Otherwise, you may be putting yourself or your partner at serious financial risk. For instance, if you were previously married and your ex is still listed as the beneficiary on your life insurance policy, s/he-not your new spouse-will receive the death benefit proceeds should an unexpected tragedy occur.

These aren't enjoyable things to think about-especially on the eve of such a happy event-but the good news is that you don't have to deal with them alone. You can draw on the experience of a team of financial professionals, including an attorney, accountant, banker, and life insurance agent. They can serve you and your partner in two ways-to nip potential problems in the bud and to suggest ways to help you achieve your long-term goals. Don't hesitate to call on these professionals. They can work with you to take steps that help ensure you're on solid financial ground in your new life together.


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For more information on how an insurance and financial professional can assist in planning your future, contact Danielle Dupree, Agent, New York Life Insurance Company, serving the the Denver area, at 202-528-7167 or dddupree@ft.newyorklife.com .