In the latest issue of Wedding Guide Chicago, not only does David N. Schaffer agree that the service & ceremony are important to plan for your wedding, but the legal & financial aspects of your nuptials are just as important!
Mr. Schaffer works for the law offices of Brooks, Adams & Tarulis a firm specializing in all aspects of marital litigation.
Here are some important things to consider before marriage:
Duty to Support Once married, the law imposes a duty on spouses to support each other and their children. The obligation extends to family expenses, medical, education, food and housing, even if you did not agree to a particular expense.
Marital Property Without a prenuptial agreement, the law generally assumes the assets of each party become the assets of the marriage, just like earnings or assets required after the marriage. In the event of a divorce, the court will be equitably (not equally) divide, no matter who’s name is on the title.
Spousal Debts Marriage can make you liable for certain debts of your spouse. Even if you are not directy liable for the debts, collection of the debt may impact you on jointly owned or marital properties.
Beneficiary Rights You may want to identify your spouse as the beneficiary of all insurance polices, stocks, trusts, binds, securities, pension plans, & all other employment benefits. Your married status may afford you additional benefits from your employer and entitlements from Social Security and to the Veterans Administration.
Inheritance Without a will, your estate will be divided between you and your spouse and other heirs. Proper estate planning can ensure you direct your estate and take full advantage of any tax savings and determine your children’s guardian, rather than the state.
Property Ownership Generally, married couples own property as joint tenants with the right of survivorship, but some assets are better owned in other ways, such as in a trust, by tenants in the entirety, separately or through a partnership.
Record Keeping A record keeping and filling system, including keeping important documents in a fireproof safe or safety deposit box is important.
