Finding a person that you can spend the rest of your life is one of the best things you can do in life. Finding your soulmate can have numerous benefits on your life in almost every way. However, love can have an influence that some people call rose-colored glasses. So, making a lifelong commitment is not something you should take too lightly. With that said, you can understand why you should think about literally countless things when you decide to tie the knot. You need to understand what parts of your life will be changed forever. There are a lot of them, you can be sure of that.
We all know that this world is not such a beautiful place we thought of when we were kids, but if we plan carefully and smartly, there are a lot of negative things we can prevent. This is the reason you need to know about the financial and legal effects of getting married. Things that are changing the moment you are married are mostly of legal nature. That doesn’t mean that you shouldn’t think about all the other aspects. In order to help with the understanding of what is going to change after you got married, we’ve decided to provide you with several things that can change the moment after you get married. Without wasting your precious time, we are going to start with our guide now.
1. Shared Finances
When you are in a long relationship, chances of you combining your finances with your loved one are pretty high. There are a lot of couples who are sharing a bank account in order to pay for their shared bills like phone plans, utilities, or rent. Even though it is up to you to share the access with your significant one, your partner becomes entitled to a percent of your belongings. If you divorce, you can stay responsible for each other’s finances to some degree. However, you can modify this entitlement. This is done by signing a Prenuptial Agreement. This agreement specifies how the assets are separate and shared, and it is essential for both partners to agree on it. While some of the people can be a little reluctant to sign one of these, we assure you that this can help you a lot if needed.
2. Tax Benefits
After you are married, you have the option of filing separate or joint tax returns. In order for you to be eligible for filing a joint tax returns, the date of your marriage needs to be before the 31st of December of that fiscal year. Filing a joint has several benefits, like borrowing and deducting personal tax credits to lower the tax of your partner. However, there are cases when you can file it individually can have an effect on your tax bill. The result can be a lower tax bill.
3. Shared Property
The moment two people are married, they collect shared items or assets, which are known as martial or joint property. Among these are vehicles, real estate, furniture items, businesses, etc. As you can presume, both spouses are entitled to a part of each other’s estate. For example, if you are planning a baby and you are ready to shop for necessary furniture, these are becoming a shared property. When you buy a crib for your child, this becomes the item that both of you are owning at the same time, with your own portions. If you are looking for some exceptional convertible cribs, you can take a look at primetoplist.com. There are no examples of this rule, and you need to get used to it.
4. Marriage License and Changing Marital Status
Before you decide to tie the knot officially, you and your partner need to apply for a marriage license. When you obtain one of these, it means you met all the legal requirements to be married in the future. You need to visit a registry in a county or city where you want to exchange vows. In case you have a destination wedding, you need to obtain this license from your home city and get married after before your destination wedding. There are a lot of couples who organize a small wedding ceremony before they host a large wedding in some other location of their choosing. After you sign this agreement, your marital status is officially changed to married.
5. Health Care Changes
When you are married, there are many healthcare professionals who will ask permission from your spouse in case you cannot decide for yourself. Even though this is something that is happening usually, there are exceptions to this so-called rule. In order for this to be much more effective, you can appoint your partner as your healthcare agent. By doing this, you will provide your partner with a medical power, which is the same as the ones of the attorney. T
his can be done in several ways, but we personally believe that completing a “Living Will” in order to document your treatment preferences. After you sign it, you will be able to visit your partner when he or she is in an intensive care, you are becoming beneficiary of his health insurance plan, and you can take a leave from work during spouse’s illness or injury.
Speaking of which, Living Will in some cases does not suffice it. If you need extra assurance OneWill will help you organise and prepare all of your assets.
6. Resolving Disputes or Issues in Court
When you get married, you can’t be forced to testify against your partner in the face of the law, especially criminal court. Governments and courts in the US are usually recognizing your marital status and they are careful not to affect the couple’s relationship. Naturally, there are some exceptions when a court can force a person to testify against its spouse. Generally, when one of the spouses provides a testimony, he or she has an option to claim their right. This right is called “communication during marriage”. However, it is crucial to say that spousal privilege is different and they are determined mostly by a local jurisdiction.