The decision to get married is often made out of love and commitment to our partner. While it is a significant life decision that’s mostly driven by emotions, there are practical considerations you should keep in mind before saying “I do”. These aspects are important to address to ensure the resilience of the marriage, especially during unforeseen challenges. In this article, we’ll explore the key measures you and your partner can take during your pre-marriage preparation to protect your shared future.
1. Consider a Prenuptial Agreement
Also known as a “prenup”, a prenuptial agreement is a legal contract that a couple enters into before marriage to establish the financial and property rights of each party should they end up in a divorce, separation, or encounter the death of one spouse.
While this isn’t the most romantic aspect of wedding preparations, it is important as it provides clarity and transparency regarding the management of assets in the event of any change in circumstances.
In Singapore, prenups are not automatically enforceable, courts may give effect to it only if they find that certain requirements are met. Do consult with a family lawyer for assistance in drafting a comprehensive and legally sound agreement that aligns with both you and your spouse’s expectations and protects your respective interests.
2. Establish Individual Bank Accounts
Joint accounts are crucial for saving and budgeting for future shared expenses. However, maintaining separate accounts is equally important because it offers many benefits. It helps to:
- Maintain financial independence and a sense of autonomy;
- Manage your personal finances without the need for constant consultation or agreement on every purchase;
- Provide a safety net in the event of job loss, legal issues, or other financial challenges;
- Preserve individual credit histories for obtaining loans or credit in the future;
- Streamline budgeting and reduce administrative burden.
3. Discuss Financial Goals and Responsibilities
Openly communicating about your financial goals and responsibilities is crucial for a successful marriage. When you’ve entered into this life together, you’ll no longer be making decisions that affect you alone; both you and your spouse must collaborate and spend on different needs jointly.
Discussing your priorities, expectations, and obligations regarding these expenses before tying the knot will prevent misunderstandings in the future. This includes talking about savings, investments, and day-to-day expenditures.
4. Update Legal Documents
Reviewing and updating your legal documents, such as wills, insurance policies, and beneficiary designations, prior to your new marital status is crucial too. Whether it’s appointing your spouse as your primary decision maker in the event of a sickness or determining how existing and future debts will be handled, these decisions allow you to establish a clear framework for your future together and potentially avoid misunderstandings or disputes down the road.
While love and commitment are the key foundations of a successful marriage, emotions alone cannot sustain a smooth and happy journey. Practical issues must be addressed properly for a peaceful and resilient married life. If you wish to navigate this new chapter with confidence, do seek guidance from a family lawyer during pre-marriage preparation.
Are you looking for a family lawyer to assist you in the legal aspects of pre-marriage preparation? Family Law Specialists and the team of experienced lawyers are here to help. Feel free to drop us a message for more information.
