Getting Married? 5 Essential Legal Topics to Consider Before Saying I Do
Getting married is a joyous event in life. However, the union goes beyond the wedding day. A marriage is also a legal union, in addition to the romance. Therefore, it is crucial to consider all the legal and financial implications involved in the union before saying I do. Nobody gets married to end up divorced. However, things happen down the road. It is vital to consider some things to be on safe side and to make things easier. In addition to avoiding a messy divorce, there are many responsibilities married couples must consider. It can be a good idea to consult an attorney to ensure you cover all bases for a confident marriage. Here are important legal considerations prior to getting married.
- Prenuptial Agreement
Today, many people are signing contracts that address various issues. One common thing is the prenuptial agreement. Many perceive an agreement as planning for divorce. Hence, they avoid signing it. However, a prenuptial agreement acts as cushion in case of divorce. You and your partner own property that you bring into the marriage. It is good to hire a lawyer to help sign the prenuptial agreement. The agreement defines what happens to your property upon divorce. It includes how assets will be divided, protecting family inheritance, spousal support, navigating a jointly shared debt, etc.
- Name Change
Changing your name will be another thing you do when you get married. While it is not a legal requirement, it is something both of you should consider before marriage. Remember, you will change the name on the marriage certificate. You must also change it on identification documents, such as driver’s license, vehicle title, Social Security card, passport, bank accounts, etc.
- Estate Planning
Estate planning is done after getting married. However, it is something both of you must consider before sealing the union. Consider what happens to your estate in the future. You need to gather the documents required to show how your loved one is taken care of in case something happens to one of you. Plan your estate while keeping in mind the beneficiaries, creating a healthcare plan, and determining separate and shared assets. Estate planning is also vital in a blended family.
- Taxes
Marriage also has an impact on taxes. There are several things you need to discuss before getting married. For example, you may incur a tax penalty higher than what you would get when single. If your salaries vary, you can combine the income to get a lower tax bracket. This will help you save money.
- Money
It is also vital to discuss money with your spouse. You can open a joint account to make it easy to track your finances. You can also keep a separate bank account to maintain your financial independence. When opening a joint account, you need clear communication to ensure you and your spouse know about your spending. Conversely, having separate accounts makes it less messy in case of a divorce. Everyone will have access to their funds. Irrespective of the approach you choose, communication is vital.
End Note
Marriage is a commitment and a binding legal contract. Therefore, it is critical to consider all the legal implications before you tie the knot. Consulting a family attorney will put you at ease and get into marriage with confidence.