Tip Of The Week: 5 Legal Things To Consider

Before signing any legal contract, you read it and most likely negotiate, so why should a wedding contract be any different?  Before tying the knot, there are a few legal issues that you should consider and talk to your partner about. Weddings are fun but remember that you are legally joining in this union therefore you should consider; 


1. Assets: What is yours and what is his/hers and what is joint. Do an inventory (include real estate, cash, investments, superannuation, collectables, cars, boats etc) and think about the emotional and financial aspects. If you want to join assets together then consider who to speak to in order to find out how this can be done.


2. Debt: While I hate to bring this one up, we do live in a material world and there are many material girls and boys who just can't stop swiping! The decision to take on joint debt should be a very careful one as the consequences could be high. My advice is - speak to a lawyer and make sure that you both know where you stand when it comes to spending. Studies show that disagreement over finances is one of the most prevalent root causes of marriage failure.


3. Insurance: As  mentioned in our previous post (Little Things Every Bride Should Know), please insure your engagement ring! Also consider that insurance coverages are different for singles as they are for married people. Think about or talk to your insurer on how this will impact on you (e.g. health insurance, house insurance etc).


4. Wills: Ok again, not a happy topic to talk about when it comes to marriage however this is a smart conversation. Two things to consider  1) the dying wishes of your partner and 2) who will make the final decisions. It is as simple as having a document drafted to protect your partner and help them make the best decisions should they be faced with difficulties. 


5. Real Estate: As per above, this is something you should talk to your lawyer about to find out the rules and regulations in your state. These change often and you need to be up to date as these are huge life changing decisions.