QuickTips: Smart Money Moves for Couples

Talk about money. Whether you're a new or established couple, take the time each year to jointly set goals, do a financial inventory, and review your progress. There are no rights or wrongs when it comes to money. The main thing is that you both participate in major decisions and that you're both well-informed about your financial situation.

Size up your safety net. Periodically review your health, disability, life, homeowners, auto, and personal liability coverage to make sure you're both adequately covered. Also check that the beneficiaries listed on your life insurance policies, pension plans, and investments reflect your current wishes.

Make or revise your wills. Even if you don't have children, you need a will. If you die without a will, your money and possessions will be distributed according to state law, not necessarily according to your wishes. For instance, in a few states, if you leave behind a spouse but no children, your parents will inherit as much as one-half of your estate. If you're part of an unmarried couple, it's especially important to have a will since you don't have the legal rights of a spouse.

Do a credit checkup. Maintain your individual credit history by holding a credit card or taking out a loan in your name only. However, if you have a lot of credit cards between the two of you, consider canceling some since lenders may not want to loan you money if they think you have too much available credit. In the event of divorce, check with your lawyer and creditors about steps you should take to protect your credit record.

Get a handle on your investments. When you make investment decisions, account for all the assets you have between the two of you, including IRAs and employer-sponsored retirement plans. Make sure that as a whole, your joint portfolio is well-diversified and appropriate for your needs.