FamilyAttorneyHome.com

Before you say “I Do”

A couple contemplating marriage may focus on many issues, from wedding plans to where they’ll live or how many children they might have. Before wedding invitations are printed, though, they’d be wise to consider the following:

Compatibility: Divorce rates are at an all-time high in the United States. No couple begins a marriage planning to divorce, but it happens in over fifty-percent of marriages. Couples are wise to invest time discussing their differences and how those might become issues in marriage. Pre-marital counseling often proves beneficial. Be wary of resources that claim to be foolproof tests of compatibility, such as Chinese zodiac marriage combinations or palm reading of “marriage lines.” But even something as simple as free marriage compatibility tests available online can increase a couple’s awareness of issues that may become sources of contention during the marriage and provide starting points for important discussions. Divorce is painful, complicated and expensive, both financially and emotionally. Make sure you know yourself and your partner very well before entering into a marital agreement.

Pre-marital agreements: The majority of states have “community property” laws governing marriages. These laws basically state that, once married, a couple holds all assets equally and that those assets would be divided equally upon divorce. Pre-marital agreements allow a couple to legally override community property laws and dictate how they would want their marital assets divided in the event of divorce. People often consider pre-marital agreements as being used only by celebrities; think of all the media attention given to Larry King’s marriages or Dr. Phil’s first marriage, and it’s clear why the wealthy regularly use pre-marital agreements to protect their assets. But the same agreements used by the rich and famous can be helpful for those of average income, anonymous status as well. Here are a few common examples:

When two individuals with grown children from prior relationships marry, it’s commonly expected that upon death or divorce, at least some of the deceased or ex-spouse’s resources would be inherited by his/her adult children. Without a pre-marital agreement, the assets would either pass completely to the living spouse or be split evenly with the ex-spouse. As a result, the spouse’s adult children may see their future inheritance reduced dramatically. In this case, a pre-marital agreement would specify which assets would be held outside the marriage, to be passed onto each spouse’s children from another marriage as an inheritance.
When two individuals of vastly different economic backgrounds marry, even if neither of them is a celebrity, a pre-marital agreement might outline that spouses leave the marriage with the resources they held upon entering the marriage, and split equally any assets gained during the marriage. The net result of this, some feel, is an assurance that both parties are entering into marriage for long-term love and mutual affection, not short-term financial gain.

Opponents of pre-marital agreements assert that these contracts set a marriage up for failure by focusing on divorce before the marriage even begins. The fact that pre-martial agreements even exist, though, underscores the point that marriage is a legal contract and should be entered into carefully and thoughtfully. The services of an attorney licensed in family law can be critical in helping you create a comprehensive pre-marital agreement or deciding how to respond should you be asked to sign one.

See Also: