Valentine’s Day 2024: Couple up with these 6 money must-haves

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In this article, the author emphasizes the importance of having essential financial documents for couples in India. They outline six key documents that every couple should have to ensure financial security and stability:

  • Joint bank account agreement
  • Will and testament
  • Marriage certificate
  • Life insurance policies
  • Property documents
  • Tax returns and financial statements

The author explains that having a joint bank account agreement allows couples to manage household expenses and financial goals more effectively. They advise couples to thoroughly read and understand the terms and conditions of the agreement to avoid potential conflicts.

Next, the author highlights the importance of having a will and testament in place. This legal document specifies how assets will be distributed in the event of a partner’s demise, ensuring that both partners’ wishes are honored and loved ones are cared for.

The article also highlights the significance of a valid marriage certificate, which serves as proof of partnership and is essential for various financial transactions such as obtaining joint loans, applying for insurance policies, or opening joint accounts.

Additionally, the author emphasizes the need for life insurance policies to provide financial security to a partner in the event of untimely demise. They suggest regularly reviewing and updating these policies to accommodate any changes in financial situations or family circumstances.

Furthermore, the article stresses the importance of keeping property-related documents in order. These documents, including purchase agreements, title deeds, loan documents, and registration certificates, not only establish ownership but also play a vital role in property transfers, loans, and legal matters.

Lastly, the author emphasizes the necessity of maintaining tax returns and financial statements as these documents help accurately file income tax returns and ensure compliance with tax laws. They also provide a clear picture of the couple’s financial health and can be useful in financial planning and securing loans.

The article concludes by emphasizing the importance of having open conversations about finances and ensuring that these essential financial documents are in place to build a strong foundation for the couple’s future together.

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