Advice from our lawyer
The legal and financial aspects of your nuptials should be planned as carefully as the service and the ceremony.
Supporting Each Other. Once you're married, you have a legal responsibility to support each other and your future children. This obligation includes family expense, medical coverage, education, food and housing, and the general upkeep of your household.
Marital Property. Without a prenuptial agreement, marital law generally assumes that each partner's personal assets will become assets of the marriage. just like earnings or assets acquired after the marriage. In the event of a divorce, the court will equitably (but not necessarily equally) divide all assets, no matter whose name is on the title.
Spousal Debts. Marriage can make you legally responsible for your spouse's pre-existing debt. Even if your are not directly liable for your partner's debt, debt collection may impact your marital or jointly owned property,
Beneficiary Rights. You may want to identify your spouse as the beneficiary of all insurance policies, stocks, trusts, bonds, securities, pension plans, health insurance and other employment benefits. Your married status may afford you additional benefits from your employer and entitlements from Social Security and the Veteran’s Administration.
Inheritance. Without a will, you won't be able to decide how your estate gets divided between your surviving spouse, your children, and your other heirs, nor will you be able to designate a guardian for your children. Planning ahead and drafting a will can ensure that your estate is properly handled. It will also help you and your loved ones take full advantage of tax cuts.
Property Ownership. Generally, married couples own property, as joint tenants with the right of survivorship, but some assets are better owned in other ways. For example, depending on the conditions of a trust, it may be safest and wisest if only one partner is entitled to the contents.
Record Keeping. You should keep important records and legal documents in a concise filing system, such as in a fireproof safe or in a safety deposit box at your bank.