3 Legal Things That Every Couple Should Take Time To Prepare

Many couples that decide to enter a marriage will inevitably focus on building their life together, enjoying their partnership, and planning for their future. While this should be a joyful time of creating something beautiful, there are practical and legal matters to consider. Taking the right steps is necessary to protect both partners so the relationship can have a smooth path ahead, particularly in terms of assets, finances, and health decisions. Investing the time to deal with crucial legal considerations early in your relationship can spare you needless stress later. The following are three things you should prepare as a couple.

1- Drafting a Will or Estate Plan

Preparing an estate plan or will is one of the most crucial legal steps you can take as a couple. A will is a document that outlines how your assets should be distributed upon your passing. If you don't have one, the government might decide, and those choices might not align with your wishes. Estate planning includes a will but also helps you minimize taxes and designate specific guardians for your kids. As a married couple, taking care of this in advance can prevent legal battles over a potential inheritance. Also, estate planning can cover advance directives for healthcare wishes if you become incapacitated.

2- Signing a Prenuptial or Postnuptial Agreement

Many newlywed couples, unfortunately, avoid talking about prenups because they think it implies a lack of trust or it just doesn't feel romantic. However, these agreements are more than just protecting wealth and assets. They're about creating fairness and clarity. You can decide how to divide your property, debts, and assets in the event of separation or divorce instead of leaving it in the hands of the court system. Prenups prove useful when both partners enter the relationship with previous kids or substantial assets.

3- Establishing Powers of Attorney

Another crucial legal preparation for couples is to create power of attorney. This legal document grants one partner the authority to handle things for the other in particular situations. These include legal matters, health-related decisions, and financial transactions, especially when the partner is incapacitated. Short of having a POA, a partner might not have sufficient legal authority to make crucial decisions for their spouse. That can delay or complicate medical treatment, legal issues, and financial matters. Specific powers of attorney can be established for finances, healthcare, and other responsibilities.

Set Yourself Up for Success

A marriage can be the culmination of love and the start of a life together, and preparing crucial legal documents isn't likely to feel very romantic. However, powers of attorney, a will, and prenuptial/postnuptial agreements are critical steps that protect both partners in a relationship. They can save you from possible emotional and financial hardship down the road and give you the peace of mind that you're both wholly protected in times of crisis. Put the time in to address these matters as early as possible so both partners' wishes can be respected. Safeguard your future, no matter what might come your way.