Premarital Financial Mediation
Flowers, invitations, band, photographer, honeymoon....many couples are also adding a premarital financial mediation and possibly a prenuptial agreement to their wedding planning list. Mediation can be the least stressful approach to discussing marital finances before you "tie the knot". Many couples do not understand that marriage is an economic, as well as a social partnership, nor do they understand the implications of forming that economic partnership. With premarital financial mediation couples can communicate prior to the marriage about areas such as:
-how will you handle assets and debts brought into the marriage by one party?
-what happens if premarital property is used to purchase a joint home?
-how will you handle income and assets you acquire during the marriage? Separate or joint?
-will marital assets be used to pay off a large student debt loan?
-what will happen if one party stops working to care for children?
-how will you handle financial obligations that a party has to children or a spouse from another marriage?
-did you know that New York State now has maintenance guidelines that could mandate considerable spousal support in the event of a divorce?
The answer to these questions may not necessarily lead to a prenuptial agreement, but it could. Often times it is just understanding the implications of how assets and debts are titled or held, and the rules in New York State with regard to marital and separate property and support. Jo Ann Shartrand offers premarital financial mediation to allow couples to have a safe place to discuss these important issues prior to their marriage.