You would never sign a contract without reading it or seeking an
attorney's advice. Those about to marry, however, have never been
told how important the fine print is. No options are offered, no
negotiation allowed, and no warranties extended, express or implied,
when you say ¡§I do.¡¨

If all the terms were fully disclosed, who knows if you would sign on
the dotted line without further negotiations? Take the test below to
evaluate your knowledge of the marriage contract.

The Marriage Test

"Ï Do you know how state law controls the property you acquire during
your marriage?
"Ï Do you know what interest the state says your spouse has in the
income-producing (i.e. interests, dividends, rents) assets you owned
before marriage?
"Ï If your spouse died without a will, do you know if your state would
require you to share your marital estate with his parents or
siblings?
"Ï Do you know how debts or obligations your spouse has before
marriage can impact your pocketbook after marriage?
"Ï Do you know if your marriage is the victim, or potential victim, of
the ¡§marriage penalty tax¡¨ in the Internal Revenue Code?
"Ï If you move into a home that one of you already owns, do you know
what the tax ramifications of transferring title to a new spouse
could be?
"Ï Do you know what interest your state says your spouse has in any
inheritance or personal injury award you receive?
"Ï If you move to another state after your marriage, do you know how
the assets you own can be affected?
"Ï If you and your spouse executed a will in one state but moved to
another, do you know what potential impact this could have on your
estate plan?
"Ï If this is a remarriage for either of you, do you know how benefits
from a prior marriage, such as alimony, social security benefits,
pensions, retirement benefits, medical insurance, will be affected by
your new legal status?
"Ï If you or your spouse have children from a prior marriage, did you
know that some states differentiate between children of a current
marriage and children from a prior marriage when someone dies without
a will?

You may believe the idea of a premarital agreement is unromantic, but
marriage itself is a contract between man, woman and the state.
Often, it isn't until death or dissolution of the relationship that
couples find how intrusive the state-controlled marriage laws can be.

The state's marriage contract is influenced by old-fashioned
assumptions about the American family, assumptions that have little
basis in today's reality. No matter how distasteful this control is,
our intimate personal relationships are regulated by duties and
responsibilities determined by the legislatures and the courts.

Marriage, even in the midst of the changes in our society today, is
here to stay. For those whose faith in the institution of marriage
remains hopeful, the secret to success is knowledge of the legal and
financial ramifications of the union.

An understanding of how assets acquired in marriage are owned, both
during the marriage and upon death or dissolution, is fundamental.
The fifty states are divided into separate and community property
states. However, within each state, the rules vary widely and are
continually reevaluated as society demands.

Do you know what the laws of your state are? If not, check out
loveandthelaw.com for an inexpensive and easy way to find out.

The love and the law newsletter is written by Johnette Duff, Attorney
at Law
Copyright 2004 by Johnette Duff
Ms. Duff is licensed in the State of Texas
http://www.loveandthelaw.com