• Notification Date: 13-02-2024
  • Notification No: N/A

6 Financial Documents that are Important for Every Couple to have

As couples celebrate Valentine’s Day in 2024, it's also a great time to discuss important matters like finances. Whether you're embarking on a new relationship or have been together for years, having essential financial documents is a crucial pre-requisite of building a secure future together.   

In India, these documents play a significant role in safeguarding your interests and ensuring financial stability. Let's explore the essential financial documents every couple should have: 

Joint bank account agreement 

Opening a joint bank account is a common practice among couples. This shared account allows seamless management of household expenses and financial goals. Couples should have a joint bank account agreement that outlines terms and conditions, including the rights and responsibilities of everyone. It is important to thoroughly read and understand this agreement to avoid any potential conflicts in the future. 

Will and Testament 

While discussing finances may not sound romantic, it is crucial to have a will and testament in place. This legal document specifies how your assets, including property and finances will be distributed in the event of your demise. With a well-drafted will, both partners can ensure that their wishes are honoured, and their loved ones are cared for. 

Marriage Certificate 

A marriage certificate is a vital document for couples in India. It legally validates your marriage and serves as proof of your partnership. It is essential for various financial transactions, including obtaining joint loans, applying for insurance policies, or opening joint accounts. Ensure you have an updated and valid marriage certificate readily available. 

Life Insurance Policies 

In today's uncertain world, life insurance is a crucial aspect of financial planning for couples. Having separate or joint life insurance policies ensures financial security for your partner in the event of your untimely demise. Make sure to review and update your policies periodically to accommodate any changes in your financial situation or family circumstances. 

Property Documents 

If you own any property as a couple, it is essential to keep all property-related documents in order. This includes purchase agreements, title deeds, loan documents, and registration certificates. These documents not only establish ownership but also play a vital role in property transfers, loans, and legal matters. 

Tax Returns and Financial Statements 

Maintaining a record of your tax returns and financial statements is essential for couples in India. These documents help in accurately filing income tax returns and ensuring compliance with tax laws. Additionally, they provide a clear picture of your financial health and can be useful in financial planning and securing loans.