Before anything else, a marriage and a wedding is a declaration of love to the world. It’s committing yourself entirely to one person and you shouldn’t forget that. This romantic concept is important but you should also be aware of the legal ramifications of a marriage that you will need to consider and be aware of. First and foremost there are the financial implications so let’s think about those first.
Before You’re Wed
Before you are wed, you may think about the possibility of a wedding prenup. A prenuptial agreement means that you and your partner will agree to certain terms and conditions in relation to the marriage. Usually, this involves what happens if one party is unfaithful or if the marriage ends. If you have more wealth than your partner, then you want to protect your finances from a divorce proceeding. This is the easiest way to do this. If they have an affair, they might get nothing in a divorce. Particularly if they are bringing less money to the table than you are. This may seem like you do not trust the person you’re marrying but it’s not that at all. You may trust them completely but extenuating circumstances could still lead to the end of the marriage. Mark Reynolds Solicitors can arrange this possibility for you.
You will also need to consider what happens to your finances after the wedding. Typically, all finances are shared after a marriage. But if you want, you can both still have private accounts. This is money separate from your gathered funds. It is personal funds that only you have access to. Again, this a decision that should not come lightly. Many partners may not be happy with this type of arrangement.
After The Wedding
After the wedding, you will need to start thinking about purchases different. You should no longer expect to buy anything that you want. Often it will be a joint decision and you will need to come to terms with this idea. You might buy property together or even personal belongings. But you have to understand that another person is now tied to many of your financial choices.
You may also want to consider preparing for the future. After you get married, it’s important that you do write a new will. Otherwise, in the event of your death, your partner might be left with nothing. As morbid as it might sound you should arrange a new will as quickly as possible to be prepared for the worse.
If your financial situation is different from your partner’s, you may want to consider arranging life insurance. With life insurance, you can guarantee your partner gets money to live on in the event of your passing. The amount is usually tied to how much you would be expected to make for the rest of your life before you die. It’s worth considering if you want to protect your partner, even after you are gone.
So you see while it’s true that a marriage is ultimately about love, there are important ramifications you must consider.