While parts of the County like Mission Valley, La Jolla, Fashion Valley, Ocean Beach and Sorrento Valley are currently experiencing flooding issues this season with the recent El Nino related storms, some residents are thinking positively and are looking forward to a brighter upcoming Spring wedding season.
Weddings in general are surrounded by happy thoughts for the bride, the groom and their families. Most brides and grooms go through the motions of attending wedding expos and food samplings in preparation for their big day. These are all fun activities. But there are two activities that tends to get left out, probably for being considered less enjoyable: premarital legal planning and financial planning prior to marriage. What is premarital legal planning? This can include the following:
- adding the other spouse-to-be to the title of the bride or groom’s home
- joining financial accounts
- estate planning prior to marriage
- planning for a joint revocable living trust shortly after marriage
- guardianship planning between a former spouse and a new spouse
- separating upcoming marital assets from non-marital assets
- prenuptial agreement discussions
For example, I once worked with a couple who were both previously married. The bride-to-be had a child from her previous marriage and the groom-to-be had an inheritance from his parents. Both wanted to know how their upcoming marriage was going to affect the bride’s son and the groom’s inheritance. Fortunately, they came for legal help before marriage thereby allowing them some important options. It was a bit of a rushed process since their wedding date was about 4 weeks out, however, timely assistance was possible. Premarital legal planning is important.
If you’re getting married in 2016, we recommend that you speak with an attorney if you have any questions about your finances, family planning or property ownership planning. Marriage may or may not affect your situation. A consultation will help you determine your options.