Finding Mr. or Mrs. Perfect is a dream come true. Couples date, fall in love, see a future together and decide to get married. Their lives are now joined together, not just in love, but also in the eyes of the law. This can have some unexpected and unplanned implications. They say love can conquer all, but it has a difficult time paying off debts, determining assets, andwriting wills.
It is important to have a realistic and truthful conversation with your betrothed about your financial status. As part of creating a budget,you need to know what money is coming in and what money is going out. Further, debt that existed before the marriage is handled differently state to state. Some states are community property states, which means preexisting debt is considered separate property. Just dive in head first, have these conversations, and, in the future, you can be swimming in clear water.
What about name changes? Most couples share the man’s last name, however this is not a legal requirement. Some progressive couples join their last names together through hyphenating. Either way, someone’s name will likely change legally. Institutions like the DMV, post office, and Social Security Administration need to be notified of the change. Don’t forget to tell your bank and your place of employment, as well.
Now that you have started a new life together, let’s talk about when that life is going to come to an end. I know, morbid right? Unfortunately, everyone passes away. Having a well prepared will detailing your now conjoined marital properties can keep your assets protected no matter the eventuality.
Your marriage day should be the happiest day of your life. If you take a few steps to prepare yourself legally, you can make sure the party doesn’t stop with the reception, but just keeps on rocking.