Falling in love and getting married is a very joyous time in anyone’s life, you are thinking of building your life with someone and living happily ever after. While you are picking a venue, a destination or place settings for your reception there may be some planning that you and your partner are forgetting to do. Sitting down with a partner and planning your future is great but you should be reminding yourself to consider the hard conversations as well. Below are some facts you should consider while you plan for a future with your partner:  

According to the US Bureau of Census 1,300 step-families are forming everyday.

What this means is that more and more couples are coming together to form families with children from a previous relationship or are entering into a relationship with a partner who has children from a prior relationship. This also means that more and more couples are entering into relationships already having lived a life prior including prior marriages, established careers or businesses as well as established estates. 

If you and your partner are not entering your new life together from zero, it’s important to discuss what and who you are bringing along with you into the marriage and how they are affected once you are married. One of the things you should consider are the marriage laws in your state. Arizona is a 50/50 state; what this means is what each person owns while married regardless if the spouse is listed as an owner on title is owned by both parties. Also what is purchased during the marriage is considered community property (owned by both parties). This is also true about debts, any debts incurred by one party also legally becomes the debt of the other, regardless if you are listed on the paperwork. 

Another factor to consider is that if you are planning to leave your children an inheritance and your spouse isn’t also their parent that may never happen. While married unless you have a prenuptial or post agreement, a trust or a will expressly stating otherwise and you unfortunately pass away before your spouse they then legally  become owners of your estate and can pass along that estate to their children or their next of kin and your children have no claim. 

According to the American Psychological Association 40–50% of first time marriages end in divorce.

Though no one enters into a marriage with the expectation that it will end in divorce based on the statistics it certainly makes sense to have a conversation and do some research on what a divorce would consist of in your state and what it would mean for you and the future of your family. How your family is set up or how you foresee your relationship roles being is important to know in advance how that will affect you and your family if you divorce. Will you be entitled to or will you possibly have to pay spousal support? Is your spouse entitled to your retirement plan? Will you be responsible for your spouse’s debt? Will you have to sell your home? How will a divorce affect your business ownership? Few people take the time to consider or educate themselves on these topics before they say “I do”. 

One way to effectively and productively have these conversations is to consult with a professional and/or research the family state laws of the state you reside in or are planning to call home with your future spouse. Take that information and discuss it with your partner as well as any concerns you both may have. Once you and your partner have aired out any concerns and have found the answers to your questions you can then decide if a prenuptial agreement makes sense for you.

A prenuptial agreement is an agreement you and your partner enter into before you get married, this agreement consists of how you would like to split your assets in the event of a divorce. Having a prenuptial agreement provides security and avoids further uncertainty during a tough time such as when someone is going through a divorce. Making hard decisions and having uncomfortable conversations is always easier when you are in a happy place. 

If you are recently engaged, planning a wedding or want additional information before you pop the question, book a consultation with your trusted LDP below and get a head start at planning your future.