The wedding day signifies the start of what will optimistically be a long and happy marriage. The wedding also signifies the creation of the legal union between two people. In many respects, marriage is a legal contract. Like all contractual relationships, the legal aspects of the marital relationship should be a negotiated meeting of the minds, and agreement as to the terms. So between cake tasting, gown fittings and seating charts, couples should take time to consider the legal practicalities of their union. Here are 5 areas to consider:
Assets: Deciding which assets should become joint and which assets should remain individual can be a challenge. First, each party should inventory and valuate all individually owned assets. Include real-estate, cash accounts, investment accounts, retirement accounts, collectables, and automobiles. Next, discuss each and every asset delineated on the inventory from practical, emotional and financial perspectives. Laws governing martial property vary from state to state, be sure that applicable state laws allow for the desired transfers and or retention of property. Finally, facilitate necessary transfer from individual to joint ownership. In order to transfer real-estate title it will be necessary to execute a quit claim deed. The executed deed must also be recorded on the land records in the town or county where the property is located. Contact bank or brokerage to facilitate transfer of accounts.
Debt: The decision to take on joint debt should be given careful consideration. Remember just because someone is a great love partner does not mean that they are will make a great business partner.Acquiring debt is a business transaction. Before opening joint credit cards, or co-signing for loans make sure the two of you hold the same values and beliefs when it comes to debt and spending. Studies show that disagreement over finances is one of the most prevalent root causes of marriage failure. Understanding and agreeing at the outset how spending and debt accumulation will be handled will decrease marital discord.
Insurance: When it comes to insurance three issues should be considered; 1) coverage redundancy, 2) beneficiaries and 3) coverage needs. When it comes to auto and health insurance redundancy in coverage does not make financial or logistical sense. Assess both policies and determine which policy is the most cost effective and offers the best coverage. Marriage may require a change in the named beneficiary for life insurance. Many married couples opt to name each other as beneficiary. Insurance coverage needs are very different for singles than married couples. Work with a reputable agent to determine new coverage needs, particularly with life, long term care and disability coverage.
Living wills, health care proxies: Two major questions come up when the end of life decisions must be made; 1) what are the wishes of the dying person and 2) who will make the health care decisions. Both of the questions can be answered by executing a living will and health care proxy. Have both documents drafted as soon as possible.
Estate planning: Estate planning documents should be updated whenever a major life change occurs. Marriage is one of the most life altering changes. As soon as practical make necessary updates and amendments.
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Source: http://www.huffingtonpost.com/laurie-giles/5-legal-must-dos-before-y_b_988146.html
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