Wedding Planning – Prenuptial Agreements And Taxation Issues

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Wedding Planning – Helping the Bride and Groom Plan their Wedding Day – Prenuptial Agreements And Taxation Issues

Prenuptial Agreements And Taxation Issues

A prenuptial agreement is not a necessity to have before you are married, but some couples choose to take the option to safeguard any assets if by some chance the marriage ends up in divorce.

If you have decided to do prenuptial, you will need to find a lawyer who can draw them up for you, as it is a legally binding contract between the two parties. Before you go out and get the prenuptial done, make sure that you discuss this with your partner as some people find it a very sticky situation to deal with, especially before the wedding, the last thing that you want to think about is what each of you are going to take in the event that you do end up divorced, and you don’t want to be arguing before the wedding over who gets what.

Check with the taxation department in your city about how becoming married will affect each of your taxes. You will still need to do individual tax returns at the end of each financial year, but if you are on any government payments or have children you will need to check with your accountant as to how this will affect each of you so that you do not end up owing money back to the taxation department.

It would also be a good time now for the both of you to draw up a will if you have not done so already. Any previous wills that have been written up by either or you will not be of any use now that you are married. Many people don’t like to think about writing a will, but it needs to be done to safeguard your assets for the future benefit of your partner or children should something happen to you.

You can buy will kits from most newsagents with how to instructions on making sure that the will is filled out correctly, or if you would like a professional opinion you could have your solicitor help you have a will written up for you.

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