Top 5 Legal Choices for Soon-to-Be-Married Couples
Beneficiary Designations: Review and update beneficiary designations on insurance policies, retirement accounts, and other
Are you getting married soon, thinking about getting married, or know someone getting married? If so, there are several important legal choices that soon-to-be-married couples need to consider before saying “I do.” These choices can help protect their financial interests, ensure a smooth partnership, and provide for their future. Here are the top five legal choices that married couples should make. Marriage License: Obtain a marriage license from your local government or jurisdiction. This legal document is required to officially recognize your marriage. Be sure to follow the specific requirements and rules of your area. Failing to follow the rules could invalidate your marriage. Prenuptial Agreement: While prenuptial agreements are often associated with protecting assets in case of divorce, they can also be used to clarify financial matters and responsibilities during the marriage. Discussing and creating a prenuptial agreement can help both partners understand each other’s financial expectations and protect each other’s interests. Estate Planning: Create or update your estate plan, including wills, trusts, and powers of attorney. This is especially important if either spouse has significant assets, children from a previous marriage, or specific wishes for the distribution of their assets upon their passing.
financial assets. This ensures that in the event of one spouse’s untimely death, the other is appropriately provided for and can avoid probate complications. Name Change (if desired): If one or both spouses wish to change their last name, follow the legal process in your jurisdiction to update your identification documents, such as your driver’s license, Social Security card, and passport, to reflect your new name. While these are the top five legal choices, couples may need to address many other decisions and legal considerations depending on their individual circumstances. It’s important to consult with an attorney who specializes in estate planning to ensure you address all relevant legal matters when getting married so you are not caught off guard. Bonus Tip: After you are married and you want to protect your marital funds from your spouse’s pre-marital creditors, you should go to the bank and close all of your personal bank accounts and open a new bank account in the name of the marriage. This account will provide protection for marital funds from one spouse’s individual creditors, but you must check the correct box. Don’t let the banker click this box for you. Click the box with the Tenancy by the Entirety language.
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