Premarital planning should involve the following issues:
1. The form of ownership of property acquired prior to the marriage and property acquired during the marriage.
2. The advisability of premarital agreement, as well as the contents of that agreement.
3. The need for life insurance or additional life insurance on the life of the primary income earner, or both income earners.
4. The advisability of writing wills.
5. Revision of beneficiary designation on life insurance policies, employer benefit programs, and other beneficiary designation questions.
Forms of ownership of property.
You may own property as you enter a marriage. Consideration should be given to whether or not that property will continue to be held in some form of co-ownership. Some thought might also be given to the form of holding property which will be acquired during the marriage.
Insurance.
Your marital commitment will likely include the commitment to provide financial security to your surviving spouse if you are decease. Therefor, you should examine the need for life insurance or increased life insurance as a part of your premarital planning, If children are likely to be added to your family soon, this factor may influence your insurance your analysis.
Wills
Most intestacy laws give spouses a right to share in the estate of a deceased spouse, but not to take the entire estate. If you contemplate that, in the event of a death, the survivor should take the entire estate, or should take a share which is in excess of the statutory share, it will be necessary for each of you to write wills. Even in simple situations, the advice of an attorney should be sought to ensure that the will accomplishes your intended result.
Why you should have a planning premarital financial?
If you want to enforce the agreement you must comply with the terms of the agreement. The agreement cannot promote divorce (this is a technical term to be discussed with your attorney)
Pre-marital financial plans as the ultimate expression of love and devotion that two people entering into marriage can do for one another. You should gather your financial information (a list of assets and liabilities and amounts and sources of income) and give some thought to what you want to accomplish. No one ever expects their marriage to end in divorce, but one in every two marriages will. For those of you who have experienced divorce or death of a spouse you know just how difficult and complicated it can be to sort out the details.
