The big day is right around the corner. You’re both anxious, and you’re probably sick of all the decisions you have to make just to get everything ready. What’s more, your fiance is driving you crazy by his lack of commitment to the process, or her zealousness in checking out every church, wedding chapel, cake type, place-setting, and flower bouquet on the market. All of these choices are driving each of you crazy, and making you seriously consider whether you should marry this "nut job." The problem is, you love her/him so much that it’s just not conceivable.
Many couples, including me, face the "pre-altar" challenges, and wonder whether this marriage will work out. More importantly, many couples are so caught up in the rigors or marriage planning, that they often overlook some of the more subtle issues like the tax and legal ramifications of marriage.
Oklahoma, unlike nine other western states, is a separate property state. This means that if a marriage ends, all property acquired prior to the marriage, or not as a result of the couple’s joint-industry remains the property of the person who acquired it. This includes property acquired through inheritance. At divorce, each spouse will receive his/her separate property. This is important because if the property becomes co-mingled or indistinguishable as to the owner, the property becomes "community property" or joint-industry property, and the divorce court will divide the property accordingly. While preparing for your marriage you should determine and list the property you are bringing into the marriage. This list may (hopefully not) enable you to remember who really brought that frying pan into the house.
Another consideration is your future, including education. You should actively discuss with your fiance your plans/desires for education, children, and careers. Many times when we marry, we’re uncertain of the final point, but we have some ideals regarding the former two. If you’re an "old school" guy/gal, and wish to be/have a stay home mom when you have children, you as husband or father, need to seriously consider providing a means to support your family in case of a catastrophic accident. I always recommend to my many friends with children, and especially those with wives at home, that they have at least $5,000,000 in life insurance, and worker’s compensation coverage for themselves.
Consider carefully where your wife, who generally has few employable/marketable skills to land a job that will pay as well as you. Moreover, you wife will need the money to be able to support your family (or you and your family) if you’re gone. You will need to pay off your home, vehicles, credit cards, etc., so your spouse can continue to raise your children. Obviously the sooner you purchase, or start saving money to purchase, this type of insurance coverage, the better prepared you’ll be.
Finally, you should prepare to work hard at your marriage. You should prepare to support your spouse in his/her goals and desires, and always remember you chose him/her.
If you’re interested in discussing in more detail some of these, or your other concerns, please contact our office.
