Planning to Get Engaged this Holiday Season? 

 Posted on November 21, 2022 in Family Law

The winter holiday season is a special time of year for many of us. Families that celebrate Christmas, Hanukkah, Kwanzaa, Yule, or other winter holidays will gather for special meals, the exchanging of presents, and reunions with old friends. As the holiday season continues, many hopeful romantics are making one the biggest decisions of their lives: getting engaged to be married. In fact, Christmas Day is one of the most popular days of the year for popping the big question. If you are planning to get engaged this holiday season, firstly – congratulations! As you plan for your wedding, there are a few things you should keep in mind.

Prenuptial Agreements

As you plan for the big day, one decision you and your partner will need to make is if you will sign a prenuptial agreement. Prenuptial agreements are also called premarital agreements or "prenups.” The purpose of this legal document is to ensure the property and financial rights of each spouse in the event that the marriage ends in divorce. Obviously, planning for a possible divorce before a couple has even gotten married is not exactly romantic. The topic may be uncomfortable to talk about, but prenuptial agreements can be vital in protecting your financial interests and rights.

Even if your current relationship is strong and you believe that the marriage will last, it is important to plan for the worst-case scenario. Having a prenuptial agreement in place can be invaluable during a divorce. It can simplify property division and spousal support decisions, as well as save the couple from tedious negotiations.

Considerations for Remarriages

If you are getting remarried, there are special considerations to contemplate. Are you marrying someone with children? If so, do you plan to legally adopt them? Legal adoption of stepchildren has several emotional and financial benefits. For example, adopting your partner’s children allows you to put them on your health insurance plan. If that other birth parent is deceased or their parental rights have been terminated due to neglect, abandonment, unfitness, or the failure to pay child support, you can give those children the benefit of having two parents again. If the birth parent still has parental rights, you will need to get his or her consent.

Financial Considerations

When two people get married, it is not only a symbolic union but also a financial union. Your assets and property will almost certainly be mixed with that of your future spouse. Discuss any spousal maintenance or child support payments required of you with your future spouse. Also address any preexisting debts that each of you have as well as bank accounts, retirement accounts, insurance policies, or other financial obligations. Decide whose house will become the marital home if you are not currently living together and if you will have joint bank accounts or separate.

A Geneva Family Lawyer Can Help

Whether you are getting married for the first time, or you are blending two previously-established families, the experienced Kane County family law attorneys at Serrano Hanson can provide the guidance you need. Call 630-844-8781 to schedule a confidential consultation with a member of our team today.

Sources:

https://www.forbes.com/advisor/legal/divorce/prenuptial-agreement

https://www.cnbc.com/2022/03/07/if-youre-getting-remarried-here-are-key-financial-issues-to-consider.html