We are in the throes of wedding season. I just celebrated my 25th anniversary, and I haven’t been to a wedding for a couple of years. But not too long ago, I was going to what felt like one wedding a week, and I’m sure there are plenty of 20- and 30-somethings who are going through that now, or even getting married themselves.
With that in mind, I thought I’d put together a list of legal tips for those getting married. I’m an Illinois attorney and while it’s possible these tips apply in other states, they are meant for Illinois. Now that I have that lawyer disclaimer out of the way …
- Get a prenup. If you do that, most of this list becomes obsolete. It’s the smartest thing you can do and I wish it was mandatory for everyone getting married. Note that it can’t be done last minute if you want it to hold up.
- Assuming no pre-nup, remember that things acquired during the marriage are considered marital assets. Each spouse has an interest in them.
- If you owned a house before the marriage, it’s not likely a marital asset unless you put your spouse’s name on the title. If you aren’t on the title it’s worth discussing having that changed.
- If you are married to someone who starts a business during the marriage, that is also considered a marital asset. That includes people who become partners in doctor’s groups or other professional environments.
- Items inherited during a marriage are not marital assets unless you co-mingle them with the marital funds. If you need to know how to prevent that or require a more detailed explanation, give us a call. Generally speaking though if you inherit money and don’t want it to be a marital asset, open up a bank account in your name only and put the money there.
- Earnings from 401k or pension plans before a marriage aren’t marital assets, but the day you get married, your spouse has an interest in that money from that day forward.
- If one of you gets cold feet and calls it off, that can affect who keeps the engagement ring. If you proposed and call it off, the ring is a gift. If you were given the ring and call it off, you have to give the ring back.
- If you’ve been paying rent on your fiance’s home or helping with the upkeep, you are legally most likely just a tenant.
- Being on a mortgage or lease payment (like a car for example) doesn’t convey ownership rights if it happens outside the marriage.
- Getting married or not has nothing to do with kids and custody. That is based on the best interests of the child.
- While a pre-nup is best, you can always do a post-nuptial agreement.
The hope of course is that you’ll have a long, happy marriage. But it’s always best to be informed and prepared. If you have any questions please call us at 312-346-5320.