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Before You Tie the Knot, Ask Yourself...

Before You Tie the Knot, Ask Yourself...

By Inna G. Materese | Esquire

There are few other times in a couple's life together as gleeful, romantic, and exciting as getting engaged and married. However, while it's not exactly the stuff of romance novels, discussing certain legal and logistical matters before tying the knot may protect your marriage from unraveling in the future. Before you say "I do" consider the following:

1. Do we need a prenuptial agreement? Most of us have some preconceived notions about prenuptial agreements. These agreements - meant to specify in advance each spouse's rights in the event that the marriage breaks down - are not just for the rich and famous. If you or your spouse own a family business, family real estate or property, or other interests you'd like to preserve, you may want to consider putting your intent to paper to ensure that those interests are protected in the event of death or divorce. Likewise, couples who anticipate a certain lifestyle (such as one spouse becoming a stay-at-home parent) may want to predetermine how either spouse will be maintained in the event of separation or divorce. Lastly, couples who are marrying for the second time and may have children from a previous marriage may want to preserve certain property or income for their children of the first marriage. 

2. Will we purchase a home and/or how will we maintain a home? If you and your partner intend to buy a home together, consider the source of the funds for the purchase. Discussing how such a large purchase will be made ahead of time can stave off issues down the road. Consider whether you and your partner intend to title the property in joint names and how you intend the property to be passed down upon your death. If either you or your partner intend to move into a home owned by the other, you should discuss how each of you will contribute to the maintenance or improvement of the home and who would receive the proceeds from the same of that home in the event that you choose to sell it down the road. 

3. What is Pennsylvania's law regarding assets and marital property? Knowing your rights and obligations pursuant to Pennsylvania's divorce and estate laws may not be the most romantic way to enter a marriage. However, being mindful of your rights and obligation to your spouse can help both of you determine the best way to plan your financial life together. Some couples choose to maintain joint accounts and pool their finances, while other prefer to maintain separate finances while contributing to joint expenses. Furthermore, you and your partner may have different ideas about how you want your property and assets to pass in the event of your death. Before you tie the knot, it is important to learn how Pennsylvania's law would handle your finances so you can prepare wills or other estate documents if you'd like your property to pass in a different manner. 

4. If we have children, how will we raise them financially? Discussions regarding future children and parenting styles can be thorny. Not only can you and your partner have different ideas about prefered parenting styles, but you may also have different ideas about what kind of life you'd like your children to lead. Do you or your spouse intend for your children to attend private school? What kind of activities or expenses do you anticipate for your children? Do you wish to help your children pay for higher education? Discussing the kind of obligations and expenses you foresee for your children and how you, as a couple, intend to handle those expenses can help keep you on the same page.  

Preparing for Your Family Law Matter

Preparing for Your Family Law Matter

By Inna G. Materese | Esquire

We know that initiating a family law matter is generally a last resort for our clients. The process is often stressful, emotionally wrought, and can be costly. However, when the last resort becomes the only option, preparing in advance can be helpful. Being prepared can make an otherwise seemingly-daunting process a little less so. Here are some things you can do to prepare for your family law matter:

  1. Create your own "case file." Mastering the nuances of your own circumstances is a crucial first step in preparing for a family law matter. Create a chronology of events and/or a list of important facts. Create a record of important family circumstances and/or points to discuss with your attorneys. You are a wealth of information about financial, logistical, and historical aspects of your family. Maintaining a list of important points, conversations, schedules, locations, transactions, events, and/or other information will help you remain organized and will ensure that your attorney is aware of the complete picture.
  2. Gather your paperwork. Our clients are often unaware of many aspects of their financials and/or familial circumstances. When this is the case, family law litigation (whether divorce, custody or support) and the rigors of providing "evidence" to the court are often overwhelming and difficult. Thinking (and preparing!) ahead can help keep the process manageable. If you are preparing for a divorce matter, make sure to gather a copy of current bank, retirement, credit card, and/or mortgage statements. Gathering documentation regarding the property owned by you or your spouse is crucial to any divorce matter. If you are preparing for a support matter, gather complete copies of your tax returns, W-2s and 1099s, pay stubs, and/or employment benefits. If your believe you will be a litigant in a child support matter, make a list of the activities in which your child participates and gather documents (such as invoices, receipts, payment confirmation, etc.) evidencing the cost of those activities. In custody matters, preparing information about your child can be crucial. If you have specific concerns about your child or your child requires extra considerations (such as in the case of special needs children, kids with health needs, and/or educational and therapeutic needs), collect as much information as you can about the issue. Past and current report cards and school records can also be helpful in custody matters. 
  3. Understand your financial situation. Once you gather all the necessary paperwork, it is helpful to get a sense of your assets versus your debts. It is important to understand the nature of your finances and keep looming expenses in mind. Understand when bills are due, whether deadlines for any important decisions are coming up, and/or whether financial changes are on the horizon. Understanding your finances can assist you in deciding when and how to initiate your family law matter.
  4. Figure out your living expenses....now and after the start of a case. One of the most important planning tools for our clients is a monthly budget. Understanding the carrying costs of your life under your current circumstance, as well as how they might change when you initiate a family law matter, is essential. For example, your attorney may ask you whether you can afford to stay in the family home or whether you can afford to move out. The fear of being unable to maintain living expenses can be one of the most distressing aspects of litigation. It is therefore important to consider how income is currently being used and what changes can/should be made if the need arises. 
  5. Don't make any sudden moves. If you believe litigation is on the horizon, making big purchases and/or changes can have a negative impact on your future case. Preserving the status quo will give you an opportunity to discuss any possible changes with your attorney to determine the viability and advisability of the decision. For example, avoid purchasing a new car or new home if you are contemplating a divorce. If you believe a support matter is in your future, discuss any possible changes in your employment and/or income with an attorney before committing to the change. In custody matters, changing your child's residence, school, medical providers, etc. can be detrimental to your future case. In short, check in with your lawyer before making a big decision.