Valentine’s Day 2024-Every couple should have these 6 important financial documents

By Sudhakar Yadav February 12, 2024 7:44 PM IST
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Valentine’s Day 2024: Currently Valentine’s Week is going on. Valentine’s Day will be celebrated all over the world on 14th February. If you are a couple, you should also discuss and pay attention to financial matters together. Whether you’re starting a new relationship or have been a couple for years, you need to have the necessary financial documents in place for a secure future. These documents protect your interests and ensure your financial stability. Let us know what are those documents which every couple should have.

joint bank account agreement

It is common for couples to open joint bank accounts. 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.

Life Insurance Policies

In today’s uncertain world, couples must have life insurance policies. You can buy separate or joint life insurance policies. This will ensure financial security of your partner 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.

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. Make sure you have an updated and valid marriage certificate.

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 document

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 and Financial Statements

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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