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Getting married and a spouse’s workplace benefits

Financial issues are hardly the most romantic things in the world. Thus, when a person is getting married, they might be tempted to put off thinking about issues related to finances.

However, putting this off can be risky. A marriage brings about many big financial changes in a person’s life. Failing to give financial issues proper attention during such a time of great change could result in a person missing important opportunities or being very financially vulnerable in the future.

What workplace benefits a person has access to is one of the finance-related things that can greatly change when they get married. This is because, when a person gets married, they may have access to workplace benefits provided by their spouse’s employer. Different jobs vary greatly in what sorts of workplace benefits they make available to a worker and their spouse.

So, when a person is getting married, it can be important for them to know what the workplace benefits situation is of their soon-to-be spouse. Being fully aware of their combined workplace benefits situation can help a newly married couple get a picture of what they can do to maximize the overall benefit these benefits are able to provide them.

Another thing it can be worth giving thought to, as unromantic as it may seem, when getting married is what sort of financial situation one would be left in if the marriage ultimately ends in divorce. There are many financial challenges a person can face in a divorce. This includes challenges related to losing access to a spouse’s workplace benefits.

Such financial challenges can be difficult to deal with, particularly if one stopped working during the marriage (as getting back into the workforce after being away from it for awhile can be no simple task). This is among the reasons why, when getting married, a person may be interested in setting up some financial protections regarding the possibility of a future divorce.

Putting such protections in place is among the things a prenuptial agreement can do. Experienced attorneys can advise individuals who are about to get married who are wondering if they might need financial protections to safeguard their financial future on prenuptial-agreement-related matters and issues.

Source: Fox Business, “The 3 Biggest Financial Mistakes Newlyweds Make,” Maurie Backman, June12, 2016

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