One of life’s most exciting yet challenging times is starting a family. That is because the happiness that comes with marriage and parenthood also comes with a lot of responsibilities. Most people think about the emotional and financial ones. However, legal matters can be just as important. After all, they are there to protect all parties in case anything happens between the parents. Here are some of the legal steps new families should look into taking.
1. Consider Prenup and Property Laws
Prenuptial agreements are often perceived as being cold or unromantic, but they can be very useful tools for helping couples to manage expectations should worst come to worst. There are many cases in which they are not necessary, and they are often not legally binding, but they can be very helpful in marriages where one partner owns a company, has significant assets, or already has a child from a past relationship.
And even if couples choose not to get a prenup, it is important to make sure that they understand the marital property laws in their jurisdiction. Some have communal property laws, where assets acquired throughout the course of a marriage are divided equally among the parties. But others have equitable distribution laws, which try to split assets fairly and are a bit more complicated. To find out more about the differences, try speaking to a local family law specialist.
2. Update Marital Status
Throughout your pre-family life, you likely answered questions about your marital status for a whole bunch of government agencies and businesses. While this is sometimes just for the purpose of gathering data, being married can have serious implications when it comes to financial and medical decisions. For this reason, it is worth updating your marital status on your bank accounts, insurance, and anywhere else related to these decisions.
The same goes for your will, any power of attorney forms, and more. If something happens to your partner, you will want to know that your medical and financial security has been maximised.
3. Understand Parental Rights and Responsibilities
Although financial support is generally the focus when couples get divorced, there are many more responsibilities which are expected of parents in the law. Few know exactly what these are, so it can be worth familiarising yourself with them or speaking to an expert in order to avoid surprises. They include custody, decision-making authority, and inheritance.
It is also important for new parents to appoint a legal guardian should something happen to them, otherwise it may be up to the authorities to choose one. If parents have someone in particular that they would like to look after their children if something bad happens, they should name them in a legal document or will.
Conclusion
Legal responsibility and joy are just two sides of the same coin when it comes to starting a family. The former is often overlooked because it often involves paperwork and thinking about some difficult topics, but it is also very important. It is there to protect your rights as a parent and spouse and also to protect your loved ones. Working with legal experts to learn what you should know when starting a family is a wise decision.
