Family Law

Financial Issues to Consider Before You Get Married

By Ben Stevens

Divorce attorneys resolve financial issues when marriages end.  What if there were steps that you could take to protect yourself much earlier, perhaps even before you get married?  Consider the following suggestions from Alexis Martin Neely, who bills herself as "America's Personal Family Lawyer": 

1. Taxes  ::  Remember that your marital status for the whole year is determined by whether you are married on December 31st and plan accordingly.
2. Combining Finances  ::  Get used to working together financially before combining your finances, and consider keeping at least one separate account and separate credit cards.
3. Community v. Separate Property  ::  Consider the legal implications of where you place assets and how you title them.
4. Debt  ::  Exchange your asset and debt information prior to marriage and remember that debt incurred during the marriage is typically owed by both of you.
5. Estate Planning  ::  Be sure to understand what will happen to your finances after your death and have an estate plan to ensure your wishes are followed.

The items listed above are summaries of Alexis' suggestions.  You can read much more about each of these suggestions at her website by clicking HERE.

Source:  "Tying the Financial Knot. What to Know Before You Get Married" by Alexis Martin Neely, published at her Family Wealth Secrets blog.

Full post as published by SC Family Law Blog on November 17, 2008 (boomark / email).