What to do financially when your marital status changes
Your marital status affects everything from your taxes to retirement and estate planning, so understanding how these changes impact your finances can help protect your well-being and that of your dependents.
Whatever your current status, the experienced Wealth Services professionals at Synovus can help you achieve your financial goals.
Here are four ways newlyweds can set their finances up for long-term success.
- Consider joint bank accounts
Deciding whether to merge your bank accounts is a personal decision that requires careful consideration. Joint accounts can simplify household expense management and actually improve the quality of your relationship.
According to a recent study, research shows that a joint bank account can help couples align their financial goals and maintain a higher-quality relationship.1
Alternatively, you may choose to keep separate accounts but make your new spouse a beneficiary, ensuring they have immediate access to funds if something happens to you. - Update beneficiaries
After getting married, review and potentially update the beneficiaries on your retirement accounts, life insurance policies and other financial accounts. This ensures that your assets are directed to your spouse or dependents according to your wishes when you die. - Update wills and estate plans
Marriage is a critical time to create or revise your will and estate plan. More than just distributing assets after death, this step is about ensuring your spouse is both protected and authorized to make health care and financial decisions on your behalf if you’re unable to do so. - Decide if you will change your name
If you change your last name after marriage, you will need to update your name on all legal and financial accounts. This includes your Social Security card, driver’s license, bank accounts and other financial accounts. A consistent name across all documents prevents legal and financial complications.
When divorce becomes necessary, the right advisor can provide the knowledge, tools and guidance to help safeguard your financial future.
Divorce: Separating finances with care
Review this list of tips to ensure nothing slips through the financial cracks after a divorce.
- Cancel joint accounts
Compile a list of all joint accounts, including bank accounts, credit cards, and loans. Your divorce decree should outline how these accounts should be divided.
Contact each financial institution to inform them of your divorce and your intention to close or separate the joint accounts. Each institution has its own process, but typically, you’ll be required to provide a copy of the divorce decree.
Update your mailing address and contact information on any accounts you retain. - Update beneficiaries
Just like marriage, divorce requires updating the beneficiaries on your retirement accounts, life insurance policies, and other relevant financial instruments. This step ensures all your accounts reflect your current personal circumstances and intentions. - Redo your will and estate plan
Review and revise your will and estate plan to ensure your assets are distributed according to your current wishes and that your ex-spouse does not unintentionally remain in a position of financial or legal authority. - Handle name changes post-divorce
If you wish to revert to your birth name after a divorce, you must update your name on all legal and financial accounts, such as your Social Security card, driver’s license and all financial accounts.
Financial advice and services tailored for you
Synovus wealth professionals have broad experience in private banking, investment strategy and planning, asset management and estate planning.
Our team delivers knowledgeable insights to help you achieve your financial goals.
Synovus can help
To learn more, talk with a Synovus financial professional by calling 888-SYNOVUS (796-6887) or visiting your local branch. Additional information is available at synovus.com/wealth.
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Important disclosure information
This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.
- Johanna Peetz, “Talk about shared money: Account pooling is associated with financial communication,” Sage Journals. Published January 4, 2025. Accessed November 13, 2025. Back