You have set the date, chosen the venue, asked your relatives and friends to be your attendants, and decided where to honeymoon. But there are a few other things that you might want to address before you enter a relationship that has not only personal, but also legal rights and responsibilities.
Learn key legal tips before marriage, including important financial considerations to address before tying the knot to protect assets and plan for the future.
Joint and Marital Assets
When you marry, you form a partnership with your spouse. Unless you act to ensure that the assets in which you have an interest before the marriage remain separate and apart, they may become joint property and part of your marital estate and in the event of a divorce, which you may not want to contemplate now, those assets could be divided between you. In New Jersey, that division is not necessarily equal and would depend on a variety of factors. Among those assets may be real estate, including the house in which you intend to live. You may also have business interests, investments that you have accumulated prior to your marriage, and retirement funds through your employment. There are steps you can take to protect those assets or, at least, be clear about what they are before you marry.
Protect Your Pre-Marital Assets
You should make a list of what you now own and retain proof of the value, such as account statements, tax returns and appraisals. You can make every effort to keep those premarital assets separate. If you have a separate investment or savings account, avoid putting funds that you earn after marriage into that account. Rather, open a new account if you want to accumulate joint savings. Retain your statements from your retirement accounts so that you know what the value was at the time of the marriage, if you need to refer to that value at some time in the future. You can discuss this with your future spouse so that you are both on the same page and your mutual intentions are clear.
Prenuptial Agreements
If you own a business or have an interest in complex assets or trusts, it may be beneficial to consider entering a Prenuptial Agreement. This will clarify what is owned solely by you, what will be owned jointly and what your respective responsibilities will be during the marriage or if your marriage ends sooner than you expect, either by divorce or at the time of your death. If that is the case, you should consult with an attorney sufficiently before the marriage so that you are not dealing with that issue on the eve of the wedding. Neither one of you should be put in a position where you feel coerced into entering an Agreement.
Each of you must have separate counsel. This process should be a collaborative effort, no matter which one of you requests the Agreement. Your goal is to set the terms for your financial future to avoid the conflicts that may arise at the time of divorce or death. Those terms can also circumvent certain statutory requirements of divorce and how you would choose to distribute your estate at death so that it fits your respective needs. Part of that process must be the full disclosure of all of your assets and liabilities. The Agreement would only address your finances, not custody or child support.
Assets Purchased Jointly Before the Marriage
If you decide to purchase a home jointly with your future spouse prior to the marriage, you should have a written agreement about how the house will be owned, who will hold title, who is on the mortgage and how the expenses will be paid. The agreement should designate how much of your respective individual funds contributed to the purchase so that you have a record of that. That information is important even if the home is purchased after the marriage as it may impact how the property would be divided during a divorce.
You can also decide how the expenses related to your household will be paid. If you are already cohabiting, this may be something that you now follow, but having a plan in place may eliminate conflicts going forward.
Child-Related Issues
While it is not a financial decision, it may be helpful for you to discuss how the children will be raised if the two of you are not of the same religion. That is an issue that often comes up as part of custodial disputes during a divorce. Again, something you may not want to think about now, but it would be advisable to do so. Any other thoughts you have about children can be addressed as well.
Planning for Forever: Protecting Your Future Starts Now
Marriage is a beautiful commitment, but it’s also a legal and financial partnership that deserves thoughtful preparation. Taking the time to address these issues now—openly, honestly, and with professional guidance—can help you build a solid foundation for your life together. By protecting your assets, clarifying responsibilities, and planning for the unexpected, you’re not just preparing for your wedding day—you’re investing in a stronger, more secure future for both of you. Thinking about the future in the present is always smart.
