Things to Think about Before Your Wedding

Second-time marriages

Our expert encourages couples to create contracting-out agreements when a second marriage is involved, especially if there are children from other relationships. And, if both parties have their own homes before they get together, then it’s a good idea to have their ownership legally sorted before the marriage. Another situation that often calls for a legal agreement of this sort is when one of you has significantly more assets than the other before you start planning a wedding.

The will

Your will should be sorted out as soon as possible, even before you leave for your honeymoon, because after you are married any previous wills are automatically revoked. Without a will, a surviving partner will receive all personally chattels but the estate will be divided between the surviving spouse and any children, or the spouse and parents if there are no children. With a will, you ensure your specific wishes are met and certain items will reach people you intend them for. Remember to regularly review your will, and if you have children, to add provision for them and make clear who should take guardianship of them in the unfortunate event that you and your partner die at the same time.

Protecting your family

Some couples elect to set up a family trust for estate planning purposes, and to protect assets from creditors. A trust fund will provide for your children in a future with, or without, you.

Your family’s future can also be protected with various insurance policies - and you do need to consider these options together, consider mortgage insurance to cover the situation of either one of you being unable to work or being made redundant. Health insurance and life insurance are also worth considering - simply because once you’re married, it’s not only you who will be affected by your ill-health or demise. While such twists of fate are out your control, having insurance will reduce the subsequent financial strains and reduce the stress.

Finance

It’s quite likely you will set up a joint bank account as a married couple. However, be aware that you’re both liable for any joint financial arrangements, such as bank accounts, mortgages, and credit cards, so if there’s a default, the bank can recover the debt from you, your partner, or both of you.

Eyes wide open

Of course it is tempting to trust that nothing untoward or unpleasant will ever happen to either of you. Who could blame you? After all, your wedding is a time of celebration and optimism. And not all these legal considerations will be appropriate for all couples. The best thing you can do for yourself and your partner is to enter your marriage with your eyes wide open. Talk to each other about the legal implications facing you, and then talk to a lawyer.

This article is not intended as legal advice. For information about division of property, protecting assets, wills and trusts, contact your family lawyer.