Excerpted from: Love, Marriage & Money: Understanding and Achieving Financial Compatibility Before-And-After-You Say 'I Do'
Tying the Knot: Dollars and Sense
All right. You love each other. But is it really to your benefit to marry? Strange question about an institution that was founded on the basis of love. With marriage also comes a lot of legal and financial responsibilities that you need to consider, discuss, and resolve. This chapter nails down the financial and legal issues on marriage as well as some of the emotional ones. It compares marriage with living together, and tells how to pave the way for a successful union-at least from a financial perspective, regardless of which lifestyle you choose. It also seeks to dispel some of the financially related myths that have prevented many an in-love couple from tying the knot.
Marriage: Your Legal and Financial Obligations
To marry or not to marry is not only a matter of love. It also is a matter of-yuck-law and money. Before you determine whether to live together or tie the knot, you first need to know some fairly unromantic aspects of your union as governed by the laws of your state. Unfortunately, too many people don't. Believe it or not, fornication and cohabitation remain illegal in certain places, although such laws are not routinely enforced.