Preparing for Marriage or Divorce
Goodness knows you have more than enough to organize when youíre preparing for a marriage. Not only is it a time filled with excitement and happiness - itís also a hectic busy time. All too often the financial implications of marriage (and of divorce and re-marriage) are overlooked, or not considered fully in the excitement.
People who have recently changed their marital status or who are planning such a change may have important financial and legal decisions to make. These decisions might deal with property ownership, providing for childrenís welfare, postmortem planning and day-to-day finances. You should always consult with your financial advisor to discuss the financial steps appropriate to a change in marital status.
If, at the other end of the scale, you are considering a divorce, itís imperative that you take appropriate action to plan for the dissolution of the financial partnership in your marriage. Such dissolution involves dividing the financial assets you have accumulated during the years of marriage. If there are children involved, future support given to the custodial parent must be planned for. If you take the time and the correct measures now to prepare and plan for all eventualities, it will pay off later on. As always, you should seek the advice of your professional advisors to ensure you take the steps that are appropriate to your individual situation.