When we think of the steps of planning a wedding and counting down the hours to that big day, we tend to think about all of the preparation necessary for the ceremony itself and the celebration after. However, a marriage is, amongst other things, a binding legal contract. As such, you might want to make sure that you have all of your paperwork ready before the big day arrives, and know exactly what it entails.
Know The Impact Of Marriage On Finances
Marriage can change how your finances work for the foreseeable future, and we’re not just talking about coping with the costs of the big day. Marriage can change a whole range of things, such as how your income is taxed, how your debts are shared, and how property is divided. In most places, any assets you get during your marriage, including money and property, are considered “marital property.” If you still want some degree of individual or private property, then you should consult an attorney on how to make that happen.
Talk About Property Ownership
If you are moving into your future spouse’s home, or vice versa, then you need to talk about how the property is going to be titled. You may need to get a deed form to add a spouse to an existing deed or to title it jointly so that you both have the right to live there and some semblance of legal ownership. Of course, this isn’t a decision to be made lightly, but a lot of people want to make sure they have some security so that they can’t be removed from their home in any event.
Should You Consider A Prenup?
Simply put, yes. No matter how strong your relationship, nor how much wealth you and your partner may or may not have, if you want to protect your personal assets and set clear financial expectations, it’s worth thinking about a prenup. Most importantly, prenups determine how assets are handled not just through divorce, but in the event of death, as well. This includes property ownership, business interests, retirement accounts, and debt responsibility. While it may not seem like the most romantic gesture, it’s important to acknowledge that marriage is more than just an expression of love; it’s a legal commitment, and some assurances can be critical for your long-term peace of mind.
Updating Your Beneficiaries
While a prenup can help determine what happens to some of your assets in the event of your passing, you should also take the time to update your beneficiaries across the board and think about any other legal documents that might be affected by your marriage. This includes your will, retirement accounts, life insurance policies, and health directives. Many people assume their spouse automatically becomes the default heir or decision-maker, but that’s not always the case, especially if you have documents determining the exact opposite that were signed before the marriage.
While getting the paperwork for your marriage done might not exactly be the most exciting step for a bride-to-be, it is important to know what you’re getting into. The steps above can ensure that you’re fully prepared.