The marriage of many couples represents an exciting adventure during which they grow together and fall more and more in love with each other with each passing day. On the other hand, there are others who would prefer to move forward while having a vision of the direction they are going to take. To achieve this goal, it is important for couples to spend enough time exploring some fundamental issues that almost all married couples face.
However, many young engaged couples don’t ask for important information regarding their partner’s life and might one day determine their marriage’s termination date. Therefore, one thing to do before jumping into marriage would be to have a serious discussion with your future partner and ask them some important questions. Here are some crucial discussions for people who want to get married.
1. Who will legally own the property once you get married?
Most couples, after they get married, do not deal promptly with ownership rights, however, there is much to take into account. It is common for most countries that property owned before marriage and purchased separately by each person will stay separate, and property that is bought together will be treated as joint property. Nevertheless, there are community property states where all newly purchased property counts as joint property, along with earnings, debts, as well as any purchases. Except for property that belongs individually to a particular spouse or was gifted or inherited by him or her, that property will stay separate.
2. Would they prefer to make a prenuptial agreement?
Even though this may not be one of the romantic topics, a prenuptial agreement is something people should pay serious attention to in the process of making plans for a wedding. It can be of utmost importance to determine what your potential partner will receive if a marriage terminates. For example, one of the most common cases is when an extremely obvious gap exists between the couple when it comes to how rich they are. However, there are couples preferring to share their finances after they get married, but it may be better to keep them separated and sign a prenuptial agreement in case they ever get divorced. Therefore, when marrying someone who requires you to sign a prenuptial agreement, you need to consult an attorney to check the agreement. If you need to find one visit Kabir Family Law that will help and guide you through the process.
3. Will you be filing taxes together?
There are many other financial determinations you and your partner must make, because you may face considerable changes when it comes to how you share money such as choosing to file taxes jointly or separately. Filing joint returns has different deductions and expenses, which is why deciding what your status will be is important.
4. What is their actual debt?
It is necessary for you to have a clear picture of your future partner’s financial situation prior to getting married to him or her. By doing this, you will be sure that you will not be burdened with unexpected debts in case something bad happens to your partner.
In case one of you gets into the marriage with debts you should ask whether the money for the repayment will be paid out of the joint household budget. It is possible that your partner is willing to give you a hand in repaying your debts, however, in case he or she would not, you should know this in advance. Consider having an ongoing conversation after you get married because you will be building up new debts as well as additional financial obligations.
5. Have a settlement about the finances
Money in a marriage may always be a touchy subject, however, it is an extremely crucial one. For the sake of comfort, many couples opt for a joint bank account. Unfortunately, this may cause disagreements later on. Given the fact that both partners have the same legal rights to the funds, there may be real consequences involved in the event that the marriage ends and they both want to have access to the funds.
You should ensure that you and your partner have an agreement about the money situation, including ownership rights and whatever else of this kind. If you are thinking about marriage, then this is definitely something that you need to take into account prior to getting married.
6. Does your future partner has been filed for bankruptcy?
Bankruptcy completely damages your credit score and affects your ability to borrow money. When you need to borrow, the associated interest rates are probably much higher in comparison to someone with a good credit rating.
7. Does your partner have kids?
In case your partner already has kids from a former relationship, then you have to make a decision if you want to change their legal custody as soon as you get married. There will be considerable impacts on them as a result of this. You, therefore, need to ensure that you discuss this as well as the whole situation with everyone who may be affected, e.g. the child’s biological parent.
To sum up, marriage is a big and challenging step. Therefore, before you make the commitment you are about to make for the rest of your life it is wise for both of you to pause for a while and discuss the most significant issues. With each passing day of marriage, you will have an ongoing learning experience. Being in love and wrapped up in all the romance, one easily forgets about the legal issues of marriage. Although there is no way to accurately foresee some issues that may emerge and result in conflict, you can assume you are likely to face most of the issues listed above. Therefore, instead of just being hopeful or assuming that your potential partner would go along with your plans, have an open and sincere conversation that will build a stronger base upon which you can improve your relationship when you enter into your marriage journey.