No bride wants to think about catastrophes happening on her day, but the fact is, sometimes they happen. The dress falls apart, the wedding gifts are stolen, the photographer doesn’t show or a guest breaks a heel in a crack in the sidewalk and sprains her ankle. Or maybe a major storm hits the day before your outdoor wedding or your future father-in-law catches pneumonia. Sounds like the stuff your nightmares are made of, right?
A mishap on your perfect day is something every bride fears. That’s why some insurance companies offer special event or wedding insurance to provide at least some piece of mind that the show can go on…without losing the family fortune.
Wedding insurance may not offered by some standard home/auto insurance companies because it is for one day only. If your own home/auto insurance provider doesn't offer wedding insurance, a handful of companies offer solid policies for weddings of all sizes.
The first question wedding insurance brings to mind is the cost. While paying for a wedding insurance policy won't break the bank, expect that it will add a few hundred dollars to your growing budget. Some offer policies ranges from $155 and $375 for the one-time premiums plus additional liability insurance for $150.
When choosing a wedding insurance policy, you're first decision is how much coverage you need. By looking at the total cost of your wedding, you can get a good idea if a $7,500 policy or a $50,000 policy will best protect you.
For instance, one site offers a silver policy, which would provide up to $7,500 for a cancelled or postponed wedding, $1,000 to restage photos and $1,000 to replace the wedding gown. Their diamond policy covers up to $50,000 for cancellation with $3,000 for photography and $3,000 for the dress. Quick note - If you're only spending $20,000 for your wedding, do not buy a $50,000 policy. You'll have to furnish proof of the amount you paid for every element of the event, so even if your coverage offers $2,500 for your lost deposits, you'll only be reimbursed for the $500 you paid.
Another choice when it comes to wedding insurance is the optional liability insurance which can add $100-$200 to your policy. Liability insurance will financially protect you and your new husband should anyone have an accident and get hurt during your wedding or should any damage occur to the property. The liability insurance typically covers up to $1,000,000. While many venues already have their own liability insurance, some do not and may require you to provide some protection. Check with your venues before you purchase this option.
Keep in mind that most wedding insurance policies have a deductible -- the amount you'll be responsible for before the insurance company pays for anything. For example, WedSafe's deductible is $25 per section covered -- e.g. $25 for botched photography, $25 for stolen gifts, $25 for damaged attire, etc.
There are some limitations as to how soon before your big day you can buy wedding insurance. While you should check with your provider, typically, you can buy a policy as far as two years in advance and as close as two weeks before the ceremony. And most wedding insurance policies will even cover deposits made even before you obtained the insurance.
But please beware. Wedding insurance has also become yet another arena for the money-hungry to prey on brides’ fears. Make sure the company you get your insurance policy through is legitimate. Get references when you can. Do your homework and read the fine lines to make sure you really are safeguarding your investment and not just getting scammed.
As with every wedding-related detail, wedding insurance may not be for everyone. If you’re only spending $5,000 on your wedding, the additional cost versus risk may not be worth getting a policy. But for those with a modest affair of $15,000 to the grand event for $100,000, the couple of extra hundred dollars can give you one thing brides need more of – peace of mind.
Showing posts with label Legal. Show all posts
Showing posts with label Legal. Show all posts
Tuesday, May 6, 2008
Ten Ways to Save Money for your Wedding
An important mantra to chant as you begin your shopping together is, A bigger diamond does not guarantee a better marriage. Keep this in mind at all times since you may be tempted (or urged) to overspend.
Talk with your fiancé. This might be a good time to bring up a general discussion of financial goals and priorities. Admittedly, this can be an awkward onversation, so it's a good time to trot out those two golden bastions of engaged and married life-communication and compromise. Listening to each other is critical, as is making a sincere effort to refrain from reading more into the situation than is there. Just because he isn't thrilled with the idea of spending a great sum of money on an engagement ring, doesn't mean he doesn't love you. Maybe it's always been a dream of his to own a house for his bride to be to live in. That is equally romantic, though not as easy to wear on your finger and flash in front of your admiring friends, saying, "Check this out."
Whatever your budget, rest assured that the perfect ring is out there, just waiting for you-whether it's an extravagant $10,000 showpiece, or a more delicate ring, still big on style but with a more manageable price tag in the $1,000 and under range.
If you can't spend as much as you'd like on an engagement ring, here are some suggestions that may help:
*Consider a slender, plain gold or platinum wedding band without additional diamonds on it.
*Consider a ring that is styles in such a way that you can have it altered or restyled later when finances might not be as tight..
*White or Yellow gold is much less costly then the trendier platinum.
*Decide on a smaller ring now with the intention of rewarding yourself with an anniversary band later.
*Consider a stone other than a diamond. Rubies, sapphires, emeralds, peridots, aquamarines, tourmalines, or perhaps your birthstone, all make spectacular rings.
*Look for a delicate ring that has strong elements of style in the workmanship: elaborate metalworking, the smallest wink of a diamond, etc.
Talk with your fiancé. This might be a good time to bring up a general discussion of financial goals and priorities. Admittedly, this can be an awkward onversation, so it's a good time to trot out those two golden bastions of engaged and married life-communication and compromise. Listening to each other is critical, as is making a sincere effort to refrain from reading more into the situation than is there. Just because he isn't thrilled with the idea of spending a great sum of money on an engagement ring, doesn't mean he doesn't love you. Maybe it's always been a dream of his to own a house for his bride to be to live in. That is equally romantic, though not as easy to wear on your finger and flash in front of your admiring friends, saying, "Check this out."
Whatever your budget, rest assured that the perfect ring is out there, just waiting for you-whether it's an extravagant $10,000 showpiece, or a more delicate ring, still big on style but with a more manageable price tag in the $1,000 and under range.
If you can't spend as much as you'd like on an engagement ring, here are some suggestions that may help:
*Consider a slender, plain gold or platinum wedding band without additional diamonds on it.
*Consider a ring that is styles in such a way that you can have it altered or restyled later when finances might not be as tight..
*White or Yellow gold is much less costly then the trendier platinum.
*Decide on a smaller ring now with the intention of rewarding yourself with an anniversary band later.
*Consider a stone other than a diamond. Rubies, sapphires, emeralds, peridots, aquamarines, tourmalines, or perhaps your birthstone, all make spectacular rings.
*Look for a delicate ring that has strong elements of style in the workmanship: elaborate metalworking, the smallest wink of a diamond, etc.
Who Should Consider Prenuptial Agreement
When planning a wedding, nobody wants to think about such grim events as disagreements, family problems, or even divorce. However, those events do happen at times, and it's always best to be prepared.
Prenuptial agreements, also known as domestic contracts, may be a much-needed vehicle for avoiding and/or sorting out future disagreements. While some couples may be against the idea of signing a prenuptial agreement (and may not necessarily need to do so,) others should seriously consider drafting up this important document. In fact, for couples in certain situations or circumstances, prenuptial agreements are significant and almost necessary. You should consider a prenuptial agreement if:
* You or your future spouse own a considerable estate, await a sizable inheritance or debts payable to you, or otherwise own large amounts of property. When you are bringing large personal and/or real assets into a relationship, be sure to account for them before actually getting married. While no bride and groom wants to think about divorce, the possibility is still present. And you certainly won't want to watch your own hard-eraned assets disappear along with a marriage that unfortunately didn't work out.
* You or your future spouse have children from previous relationships. In order to balance the interests of your children with the interests of your future spouse, put everything in writing. In the event of death or divorce, a prenuptial agreement may help avoid either your children or your spouse being short-changed.
* You and your future spouse plan to cohabit in a common law marriage for a large period of time. Whether or not you're contemplating actually getting married in a civil union, legally speaking, common law marriages aren't as simple as they are made out to be at times. Laws vary by state considerably. In order to avoid ambiguity if and when the need arises for distribution of assets, be sure to put everything in writing with your common law spouse.
* You or your spouse anticipate future disability or other imminently dangerous circumstances. Be sure to account for those instances in a proper domestic agreement. After all, you wouldn't want to leave your love stranded, would you?
In particular, if any of these situations applies to you, it may be a good idea to draft a prenuptial agreement. It never hurts to be ready for the worst!
Prenuptial agreements, also known as domestic contracts, may be a much-needed vehicle for avoiding and/or sorting out future disagreements. While some couples may be against the idea of signing a prenuptial agreement (and may not necessarily need to do so,) others should seriously consider drafting up this important document. In fact, for couples in certain situations or circumstances, prenuptial agreements are significant and almost necessary. You should consider a prenuptial agreement if:
* You or your future spouse own a considerable estate, await a sizable inheritance or debts payable to you, or otherwise own large amounts of property. When you are bringing large personal and/or real assets into a relationship, be sure to account for them before actually getting married. While no bride and groom wants to think about divorce, the possibility is still present. And you certainly won't want to watch your own hard-eraned assets disappear along with a marriage that unfortunately didn't work out.
* You or your future spouse have children from previous relationships. In order to balance the interests of your children with the interests of your future spouse, put everything in writing. In the event of death or divorce, a prenuptial agreement may help avoid either your children or your spouse being short-changed.
* You and your future spouse plan to cohabit in a common law marriage for a large period of time. Whether or not you're contemplating actually getting married in a civil union, legally speaking, common law marriages aren't as simple as they are made out to be at times. Laws vary by state considerably. In order to avoid ambiguity if and when the need arises for distribution of assets, be sure to put everything in writing with your common law spouse.
* You or your spouse anticipate future disability or other imminently dangerous circumstances. Be sure to account for those instances in a proper domestic agreement. After all, you wouldn't want to leave your love stranded, would you?
In particular, if any of these situations applies to you, it may be a good idea to draft a prenuptial agreement. It never hurts to be ready for the worst!
Essential Estate Planning
Now that you've tied the knot and wedding planning is seemingly in your distant past, it's time to focus on another type of planning---that is, planning your joint estate.
Estate planning comes with many great benefits. It gives you the peace of mind of knowing that, should anything drastic happen to either you or your spouse, your legal and financial paperwork will be in order. If you have children, estate planning may be the only way to ensure that their future will be secure.
Many people believe that if they died tomorrow, their assets would automatically be given to their spouse and/or children. This is not necessarily true. In fact, a number of jurisdictions have quite surprising regulations in regards to people who die without a proper will. Some states will leave your spouse with virtually no protection, sometimes distributing your assets among other blood relatives instead. Don’t take the law for granted---be sure to protect yourself first!
In order to avoid legal troubles, consider drafting the following documents:
Will/Last Testament:
A will has several purposes. It calls for the distribution of your assets and assigns those assets to people whom you wish to give them to; it allows you to decide on your executor/executrix, the person who will be in charge of disposing of your assets; and if you have children, your will designates a legal guardian for them.
Health Care Proxy:
This document allows you to designate a person who will make medical decisions for you in case you become incapacitated and/or unable to make your own decisions.
Power of Attorney:
This document will designate a person for making your legal/financial decisions in the event that you are unable to make them yourself.
In addition to these documents, if you have substantial property or assets, consult with an attorney and financial representatives to determine whether additional estate planning is necessary.
Be sure to follow all federal and statutory regulations when planning your estate. Wills are thrown out of court every day for their insufficiency and invalidity. In order to avoid this phenomenon, follow these tips:
* Familiarize yourself with estate planning regulations in your jurisdiction. It is always smart to know the law!
* If possible, consult with an attorney. Estate planning costs can be minimal---and well worth knowing that your estate is taken care of!
* Sign, date and notarize all necessary paperwork. Take care to have the necessary amount of witnesses at each signing.
* Make sure that all involved parties are aware of their roles. For example, if you have picked your mother as a legal guardian for your children, be sure to talk it over with her first.
* Store all legal documents in a safe place. Keep copies at your attorney’s office or another secure venue.
* Update your documents as needed, and most definitely whenever major life changes arise.
Estate planning comes with many great benefits. It gives you the peace of mind of knowing that, should anything drastic happen to either you or your spouse, your legal and financial paperwork will be in order. If you have children, estate planning may be the only way to ensure that their future will be secure.
Many people believe that if they died tomorrow, their assets would automatically be given to their spouse and/or children. This is not necessarily true. In fact, a number of jurisdictions have quite surprising regulations in regards to people who die without a proper will. Some states will leave your spouse with virtually no protection, sometimes distributing your assets among other blood relatives instead. Don’t take the law for granted---be sure to protect yourself first!
In order to avoid legal troubles, consider drafting the following documents:
Will/Last Testament:
A will has several purposes. It calls for the distribution of your assets and assigns those assets to people whom you wish to give them to; it allows you to decide on your executor/executrix, the person who will be in charge of disposing of your assets; and if you have children, your will designates a legal guardian for them.
Health Care Proxy:
This document allows you to designate a person who will make medical decisions for you in case you become incapacitated and/or unable to make your own decisions.
Power of Attorney:
This document will designate a person for making your legal/financial decisions in the event that you are unable to make them yourself.
In addition to these documents, if you have substantial property or assets, consult with an attorney and financial representatives to determine whether additional estate planning is necessary.
Be sure to follow all federal and statutory regulations when planning your estate. Wills are thrown out of court every day for their insufficiency and invalidity. In order to avoid this phenomenon, follow these tips:
* Familiarize yourself with estate planning regulations in your jurisdiction. It is always smart to know the law!
* If possible, consult with an attorney. Estate planning costs can be minimal---and well worth knowing that your estate is taken care of!
* Sign, date and notarize all necessary paperwork. Take care to have the necessary amount of witnesses at each signing.
* Make sure that all involved parties are aware of their roles. For example, if you have picked your mother as a legal guardian for your children, be sure to talk it over with her first.
* Store all legal documents in a safe place. Keep copies at your attorney’s office or another secure venue.
* Update your documents as needed, and most definitely whenever major life changes arise.
Taxes for Newlyweds
All of your thank you notes are written, your name is changed, and your settling into married life. Now that you are hitched, though, there are quite a few changes besides your name that you have to worry about. One of the most important things you will have to deal with is filing your taxes.
First things first, you and your new husband should sit down and discuss how you the two of you should file your taxes. You should both take into consideration the income of each member of the couple and try to figure out what may benefit you most. If you are not sure what may or may not benefit you when doing your taxes, you may want to contact an accountant or a tax advisor who could help you with all of the complications involved in doing your taxes. The accountant or tax advisor will not only advise you of the best situation for filing, he/she will also advise you on deciding which investments should be held in each partner’s name.
You may also want to invest in a tax program like Turbo Tax that can also help you figure out which method of filing can be the least costly for you.
The most important thing you must be aware of when filing your taxes as a couple is the marriage penalty. This part of the tax laws means most married couples pay more taxes than two single people with the same total income. When both individuals in the couple make around the same amount, the penalty is greater b/c the standard deduction is lower than it would be if they were single. (The standard deduction for a single individual is $4000, while it is $6700 for a married couple filing jointly.) There is really no way to get around this marriage penalty. Even if someone files as a married person filing separately, the government only allows you the deduction that is equal to half of the $6700.00, not the $4000.00, so it still penalizes someone for being married.
The best way to figure out what will benefit you the most when filing your taxes is to use Turbo Tax or a program like it that will allow you to file your taxes every which way to figure out which one will provide the highest return. For instance, you may have several forms of asset debt which you can claim interest, like a mortgage payment or student loan interest. In this case, you may want to itemize.
If you are doing the tax return for the year you got married, it makes sense to ask an accountant about changes you may have to make to your financial profile that come with a marriage. Most importantly, though, verify that the tax withholding in your paycheck is correct and that you are not surprised with a huge tax bill at the end of the year.
Preparing for your wedding took much energy and planning, and so will doing your “married” taxes. Be sure to take the same strides in planning and preparing your first tax return as a married couple, by preparing and planning, it could wind up somewhat profitable just by using all of the resources available.
First things first, you and your new husband should sit down and discuss how you the two of you should file your taxes. You should both take into consideration the income of each member of the couple and try to figure out what may benefit you most. If you are not sure what may or may not benefit you when doing your taxes, you may want to contact an accountant or a tax advisor who could help you with all of the complications involved in doing your taxes. The accountant or tax advisor will not only advise you of the best situation for filing, he/she will also advise you on deciding which investments should be held in each partner’s name.
You may also want to invest in a tax program like Turbo Tax that can also help you figure out which method of filing can be the least costly for you.
The most important thing you must be aware of when filing your taxes as a couple is the marriage penalty. This part of the tax laws means most married couples pay more taxes than two single people with the same total income. When both individuals in the couple make around the same amount, the penalty is greater b/c the standard deduction is lower than it would be if they were single. (The standard deduction for a single individual is $4000, while it is $6700 for a married couple filing jointly.) There is really no way to get around this marriage penalty. Even if someone files as a married person filing separately, the government only allows you the deduction that is equal to half of the $6700.00, not the $4000.00, so it still penalizes someone for being married.
The best way to figure out what will benefit you the most when filing your taxes is to use Turbo Tax or a program like it that will allow you to file your taxes every which way to figure out which one will provide the highest return. For instance, you may have several forms of asset debt which you can claim interest, like a mortgage payment or student loan interest. In this case, you may want to itemize.
If you are doing the tax return for the year you got married, it makes sense to ask an accountant about changes you may have to make to your financial profile that come with a marriage. Most importantly, though, verify that the tax withholding in your paycheck is correct and that you are not surprised with a huge tax bill at the end of the year.
Preparing for your wedding took much energy and planning, and so will doing your “married” taxes. Be sure to take the same strides in planning and preparing your first tax return as a married couple, by preparing and planning, it could wind up somewhat profitable just by using all of the resources available.
Yours, Mine and Who's?
Congratulations on your engagement or marriage. Did you see “When Harry Met Sally…”? Remember the scene where Jess wants to keep the wagon wheel coffee table and Marie tells him no way? And then Harry tells them about how he and Helen started out, picking out this, getting that and how eventually Jess and Marie would end up in court battling over that yard sale, wagon wheel coffee table? Well, unfortunately, it’s true. While I don’t wish you ill of your engagement or wedding and I sincerely wish you all the best, reality is a yucky thing. And not all marriages make it. This is the reality check of what you should do to protect things you own now from not getting caught up in the messy business of marital chattel later.
If you are both a little older and more established, chances are you both have households already set up and are going to have to either pare them down a little or find a place large enough to accommodate all you have. If you are just starting out from Mom’s house, you may not have much, but you may have heirlooms passed to you. To this end, it is necessary, even as the two of you are about to “become one”, to maintain what belongs to you and what belongs to him/her. Since checklists are always a hit with a bride/groom who can’t tell you what day it is, maybe this will help:
1) Do you have your own checking/savings/credit card/money markets/investments? Do you want to share these items? If you wish to maintain your own accounts, set up separate accounts in both of your names for household use (paying bills, buying groceries, mutual home purchases, etc.).
2) As unromantic as they are, pre-nuptial agreements aren’t all that bad. The rich and famous (where most marriages rarely outlast milk) are not the only ones who feel a need for these anymore. This document can help to determine that the silver service that has been in the family for three generations doesn’t get lost in a court battle. It could even let you two walk away friends instead of bitter enemies over that one piece of crystal or that framed print. While he/she may not really want the silver service, the crystal or the framed print, divorce can be an ugly thing and make people do things they would not normally do. If one of you has a business that has been in the family for years, a pre-marital agreement can keep the other spouse from laying any claim to it during a court proceeding. Protect your investments or family heirlooms BEFORE you walk down that aisle.
3) If you had a savings account set aside and earmarked for that favorite niece, you need to protect it. Under most state and federal laws, if something happens to you while you are still married, your spouse stands to inherit anything and everything you had. While no one wants to think that he/she would not let little Cindy have the savings for college, it would be a wise thing to restructure the account to include one of her parents or other relative and remove yourself. You can still contribute to the account if you wish, but this puts the account out of your estate. Do this for any account or for anything that you don’t want to become a marital issue later.
No one goes into a marriage thinking about divorce. Well, at least most of us anyway. But the statistics are against every couple since 1 out of every 2 marriages will end in divorce. Pretty sobering fact. While it is great to be in love and looking forward to the future and hoping for “happily ever after”, it is always a good idea to have a “legal checkup”. Make an appointment with your attorney to make sure that all of your financial and legal affairs are in order and protected against “what ifs”. Discuss whether a pre-marital agreement is necessary. This kind of peace of mind is probably worth more than that silver service.
I wish you many years of happiness and wishes that you don’t become a statistic.
If you are both a little older and more established, chances are you both have households already set up and are going to have to either pare them down a little or find a place large enough to accommodate all you have. If you are just starting out from Mom’s house, you may not have much, but you may have heirlooms passed to you. To this end, it is necessary, even as the two of you are about to “become one”, to maintain what belongs to you and what belongs to him/her. Since checklists are always a hit with a bride/groom who can’t tell you what day it is, maybe this will help:
1) Do you have your own checking/savings/credit card/money markets/investments? Do you want to share these items? If you wish to maintain your own accounts, set up separate accounts in both of your names for household use (paying bills, buying groceries, mutual home purchases, etc.).
2) As unromantic as they are, pre-nuptial agreements aren’t all that bad. The rich and famous (where most marriages rarely outlast milk) are not the only ones who feel a need for these anymore. This document can help to determine that the silver service that has been in the family for three generations doesn’t get lost in a court battle. It could even let you two walk away friends instead of bitter enemies over that one piece of crystal or that framed print. While he/she may not really want the silver service, the crystal or the framed print, divorce can be an ugly thing and make people do things they would not normally do. If one of you has a business that has been in the family for years, a pre-marital agreement can keep the other spouse from laying any claim to it during a court proceeding. Protect your investments or family heirlooms BEFORE you walk down that aisle.
3) If you had a savings account set aside and earmarked for that favorite niece, you need to protect it. Under most state and federal laws, if something happens to you while you are still married, your spouse stands to inherit anything and everything you had. While no one wants to think that he/she would not let little Cindy have the savings for college, it would be a wise thing to restructure the account to include one of her parents or other relative and remove yourself. You can still contribute to the account if you wish, but this puts the account out of your estate. Do this for any account or for anything that you don’t want to become a marital issue later.
No one goes into a marriage thinking about divorce. Well, at least most of us anyway. But the statistics are against every couple since 1 out of every 2 marriages will end in divorce. Pretty sobering fact. While it is great to be in love and looking forward to the future and hoping for “happily ever after”, it is always a good idea to have a “legal checkup”. Make an appointment with your attorney to make sure that all of your financial and legal affairs are in order and protected against “what ifs”. Discuss whether a pre-marital agreement is necessary. This kind of peace of mind is probably worth more than that silver service.
I wish you many years of happiness and wishes that you don’t become a statistic.
Wedding Insurance: prepare for the perfect wedding
If you are like most couples you have gone to great lengths to plan and prepare for the perfect wedding, whether an intimate affair or a lavish event. With all the time and money you are devoting to your wedding, do not leave anything to chance. Safeguard your investment by making wedding insurance at big part of you planning process.
Then you ask, “What will your insurance cover?” Once you have selected your vendors and submitted your sometimes non-refundable deposits, you have made a serious investment and should consider a wedding insurance policy to protect against certain types of financial losses that may occur in the event or leading up to the big event.
Here are some possible scenarios:
Postponement/Cancellation
What if you do not have the money to cover the costs to reschedule your wedding if something happens to a family member, the bride, or the groom? What if Mother Nature makes staging your wedding on your projected day?
The right wedding insurance policy provides reimbursement for non-recoverable expenses incurred because of postponement/cancellation.
Wedding Attire:
What if your “dream” gown is stolen, lost, or damaged prior to your wedding?
The right wedding insurance policy will, also, cover replacement costs for lost or stolen wedding attired, the cost of mend damaged wedding attire or the cost of wedding attire that must be rented.
Wedding Rings:
You wedding rings are a symbol of ever lasting love! How long would it take to forgive the best man for losing them before the ceremony?
Wedding insurance can reimburse he value of or repair the wedding bands, whichever is needed.
Photography/Video:
What if you wedding photos cannot be developed or the film is lost?
Wedding insurance can financially assist you in reconvening your wedding party to take replacement photos.
There is also wedding insurance liability and property damage. This is specifically designed insurance to protect the newly married couple from experiencing liability related to certain types of accidents that might occur during the wedding or reception that might result in bodily injury or property damage. Often, many reception locations now require couples to carry this type of protection.
Here are some possible scenarios for Liability & property damage coverage:
What if one of your guests suffers and injury or there is property damage to your reception venue? Would you want to place your personal financial future at risk because of these unfortunate events?
Liability & property damage protects the Bride and the Groom from liability associated to certain types of accidents resulting in bodily injury or property damage that might occur during the wedding or reception. Some accidents could include:
Injury to Guests or Staff
Facility Damage
Property Damage
Alcohol-related Accidents
As you can see wedding insurance can do almost anything!
Then you ask, “What will your insurance cover?” Once you have selected your vendors and submitted your sometimes non-refundable deposits, you have made a serious investment and should consider a wedding insurance policy to protect against certain types of financial losses that may occur in the event or leading up to the big event.
Here are some possible scenarios:
Postponement/Cancellation
What if you do not have the money to cover the costs to reschedule your wedding if something happens to a family member, the bride, or the groom? What if Mother Nature makes staging your wedding on your projected day?
The right wedding insurance policy provides reimbursement for non-recoverable expenses incurred because of postponement/cancellation.
Wedding Attire:
What if your “dream” gown is stolen, lost, or damaged prior to your wedding?
The right wedding insurance policy will, also, cover replacement costs for lost or stolen wedding attired, the cost of mend damaged wedding attire or the cost of wedding attire that must be rented.
Wedding Rings:
You wedding rings are a symbol of ever lasting love! How long would it take to forgive the best man for losing them before the ceremony?
Wedding insurance can reimburse he value of or repair the wedding bands, whichever is needed.
Photography/Video:
What if you wedding photos cannot be developed or the film is lost?
Wedding insurance can financially assist you in reconvening your wedding party to take replacement photos.
There is also wedding insurance liability and property damage. This is specifically designed insurance to protect the newly married couple from experiencing liability related to certain types of accidents that might occur during the wedding or reception that might result in bodily injury or property damage. Often, many reception locations now require couples to carry this type of protection.
Here are some possible scenarios for Liability & property damage coverage:
What if one of your guests suffers and injury or there is property damage to your reception venue? Would you want to place your personal financial future at risk because of these unfortunate events?
Liability & property damage protects the Bride and the Groom from liability associated to certain types of accidents resulting in bodily injury or property damage that might occur during the wedding or reception. Some accidents could include:
Injury to Guests or Staff
Facility Damage
Property Damage
Alcohol-related Accidents
As you can see wedding insurance can do almost anything!
Legal & Financial Checklist of Marriage
Marriage may be an act of free selection and personal commitment among two adults, but it is also a social institution. As such, the state has a venture in the success of your partnership as a fundamental unit of society.
In the weeks and days before your wedding, or very shortly after that, you will have to take care of some of the following practical matters.
· Find out how to apply for a marriage license (in the city or county where the ceremony is to be performed) and meet whatever requirements the state has. (These vary from place to place and state to state: waiting periods, blood tests, evidence of vaccinations, a general physical exam.) Ask your officiant about the licensing requirements, or call the county clerk’s office.
· Make appointments for any medical checkups or procedures you want to have completed before marriage.
· Change beneficiaries and/or include your spouse on any pre-existing health/disability/life insurance policies or investment plans. (Most people have these plans through their employer, so talk to your benefits advisor at work to find out how your marriage will affect whatever policies and plans you currently have.)
· Compare the benefit and protection plans each of you holds and determine what else you many need. Contact your independent insurance agent for changes and additions on car and homeowner’s insurance, as well as on any other coverage.
· Add your spouse’s name/signature to any bank accounts, car registrations, investment accounts, or credit cards you intend to share. Remember, the little words and and or make a difference. A joint savings account for Mary Doe “and” John Doe means that both signatures are required for a transaction; “or” means either signature will do. You should understand that, if you hold bank accounts and/or credit accounts in both names, you will each have free access to those accounts and each is legally responsible for any bills incurred by the other.
· If you will change your name after marriage (or if he will be combining his surname with yours), you each need to effect that change on driver’s licenses, employment records, Social Security cards, bank accounts, credit cards, and so on (No other “official” procedure exists; ordinary usage changes one’s name after marriage.) A married woman does not have to change her name at all, and failure to do so will not affect the legitimacy of children born of the marriage.
Furthermore, under the Equal Credit Opportunity Act (ECOA), a woman is entitled, and encouraged, to maintain her own separate credit rating. Even if she has no outside employment, she can establish a personal credit rating by merely using her name, not her husband’s (Mrs. Mary Doe, not Mrs. John Doe) on any credit accounts. Also, under the ECOA, a person may not be denied a credit application or refused a loan because of marital status.
· If you have a will, you might want to review its provisions in light of your new status with an attorney in the state in which you will be living after marriage. Rights of survivorship vary from state to state, and a will executed in one location is not automatically upheld in another.
If there are any assets at all between you and any concern for the welfare and convenience of your spouse should something happen, you should each have a will. Nobody likes to think about such things, but the time to do it is now when you are both healthy and happy.
· If either of you has been married before and is receiving alimony, that will stop once you are remarried. Other aspects of the divorce settlement could be affected, as well. You will need to tell your former spouse about your marriage plans, and one, or both, of you may need to see an attorney.
· Review your tax situation. If you will be married on or before December 31, you may legally file joint returns for that calendar year.
· You should also talk about family planning, marital roles, and existing obligations to other family members. What you decide about rights and duties in your marriage is not important; whether or not you agree is.
Marriage and family laws are constantly changing to reflect new patterns of living among modern couples and families. The law generally bears in mind both spouses are equally responsible for each other’s support, financial and otherwise, in spite of how individuals decide to combine their efforts and lend their support.
In the weeks and days before your wedding, or very shortly after that, you will have to take care of some of the following practical matters.
· Find out how to apply for a marriage license (in the city or county where the ceremony is to be performed) and meet whatever requirements the state has. (These vary from place to place and state to state: waiting periods, blood tests, evidence of vaccinations, a general physical exam.) Ask your officiant about the licensing requirements, or call the county clerk’s office.
· Make appointments for any medical checkups or procedures you want to have completed before marriage.
· Change beneficiaries and/or include your spouse on any pre-existing health/disability/life insurance policies or investment plans. (Most people have these plans through their employer, so talk to your benefits advisor at work to find out how your marriage will affect whatever policies and plans you currently have.)
· Compare the benefit and protection plans each of you holds and determine what else you many need. Contact your independent insurance agent for changes and additions on car and homeowner’s insurance, as well as on any other coverage.
· Add your spouse’s name/signature to any bank accounts, car registrations, investment accounts, or credit cards you intend to share. Remember, the little words and and or make a difference. A joint savings account for Mary Doe “and” John Doe means that both signatures are required for a transaction; “or” means either signature will do. You should understand that, if you hold bank accounts and/or credit accounts in both names, you will each have free access to those accounts and each is legally responsible for any bills incurred by the other.
· If you will change your name after marriage (or if he will be combining his surname with yours), you each need to effect that change on driver’s licenses, employment records, Social Security cards, bank accounts, credit cards, and so on (No other “official” procedure exists; ordinary usage changes one’s name after marriage.) A married woman does not have to change her name at all, and failure to do so will not affect the legitimacy of children born of the marriage.
Furthermore, under the Equal Credit Opportunity Act (ECOA), a woman is entitled, and encouraged, to maintain her own separate credit rating. Even if she has no outside employment, she can establish a personal credit rating by merely using her name, not her husband’s (Mrs. Mary Doe, not Mrs. John Doe) on any credit accounts. Also, under the ECOA, a person may not be denied a credit application or refused a loan because of marital status.
· If you have a will, you might want to review its provisions in light of your new status with an attorney in the state in which you will be living after marriage. Rights of survivorship vary from state to state, and a will executed in one location is not automatically upheld in another.
If there are any assets at all between you and any concern for the welfare and convenience of your spouse should something happen, you should each have a will. Nobody likes to think about such things, but the time to do it is now when you are both healthy and happy.
· If either of you has been married before and is receiving alimony, that will stop once you are remarried. Other aspects of the divorce settlement could be affected, as well. You will need to tell your former spouse about your marriage plans, and one, or both, of you may need to see an attorney.
· Review your tax situation. If you will be married on or before December 31, you may legally file joint returns for that calendar year.
· You should also talk about family planning, marital roles, and existing obligations to other family members. What you decide about rights and duties in your marriage is not important; whether or not you agree is.
Marriage and family laws are constantly changing to reflect new patterns of living among modern couples and families. The law generally bears in mind both spouses are equally responsible for each other’s support, financial and otherwise, in spite of how individuals decide to combine their efforts and lend their support.
Name Change Possibilities After The Wedding
There are many options available to you when you are deciding what your name is going to be after the wedding. Your choice will depend on your and your husband’s preferences and what option will work best for you both socially and professionally.
The most popular option is to take your husband’s last name as your own. This is the social norm, and many women find this to be the easiest arrangement since many people make the assumption before the wedding that that will be your name. Many brides feel happy to share the same name with their husband, though it takes some time to get used to. Though some women may view taking the husband’s name as a submissive gesture, the modern-day view is that the two of you are sharing a last name, like you will be sharing anything else after marriage. When choosing to elect this option, understand that there are many legal documents that will have to be changed, such as your social security card, driver’s license, passport, and the like.
If you feel attached to your own last name, you may choose to keep your maiden name, even after you are married. In this case you will not have to go through the legal documents required to change your name. You will have to get used to correcting people when they first assume that your name is the same as your husband’s, but as long as you do it nicely and with humor you probably won’t have any bad situations with this. Be prepared to learn quickly to write real small when filling out joint paperwork. Also, you may have to prove that you are married for transactions such as when you are getting a mortgage or renting a moving van. Be sure to have copies of your marriage license on hand.
There are some compromises available between these two extremes. For example, you may choose to hyphenate your last name with your husband’s last name. Protocol dictates that your last name would precede your husband’s last name in the hyphenated version. As you would if you were changing your last name to his, you would have to complete all the pertinent legal documents as you would if you took your husband’s last name completely. This is a good compromise if you still want your name heard but also want to gain an identity with your new marriage. A variation of this option is to change your middle name to your maiden name.
Another variation would be to keep your maiden name legally and use your husband’s last name socially. In this case, you would not need to go through any legal documents to change your name. This is a good option if you have established yourself professionally and do not want to cause any confusion in the workplace. Beware that if you try to legally change your name to your husband’s and try to keep your maiden name at work, you may run into some issues, particularly with the payroll department, since many times they will have to issue paychecks in your legal name. There are far fewer important documents in your social life, so there will be fewer opportunities for confusion if you keep your maiden name legally and use your husband’s name socially. Just keep in mind that the disadvantage with this option is that it can become complicated in terms of the array of names that will be used to describe you.
You and your husband could invent a “new” last name together. For example, if you are Johnson and he is Klein you could create the last name Kleinson. If both of you would like a new identity to start with, this is a viable option. Another option, if your husband is willing, is for him to take your name. In this instance your husband would go through the legal name change process rather than you.
There are many options available to you. Keep in mind that whatever you first decide, you can always change later if you don’t feel comfortable with it. Be sure to give it time and see how comfortable you feel with your name change arrangement.
The most popular option is to take your husband’s last name as your own. This is the social norm, and many women find this to be the easiest arrangement since many people make the assumption before the wedding that that will be your name. Many brides feel happy to share the same name with their husband, though it takes some time to get used to. Though some women may view taking the husband’s name as a submissive gesture, the modern-day view is that the two of you are sharing a last name, like you will be sharing anything else after marriage. When choosing to elect this option, understand that there are many legal documents that will have to be changed, such as your social security card, driver’s license, passport, and the like.
If you feel attached to your own last name, you may choose to keep your maiden name, even after you are married. In this case you will not have to go through the legal documents required to change your name. You will have to get used to correcting people when they first assume that your name is the same as your husband’s, but as long as you do it nicely and with humor you probably won’t have any bad situations with this. Be prepared to learn quickly to write real small when filling out joint paperwork. Also, you may have to prove that you are married for transactions such as when you are getting a mortgage or renting a moving van. Be sure to have copies of your marriage license on hand.
There are some compromises available between these two extremes. For example, you may choose to hyphenate your last name with your husband’s last name. Protocol dictates that your last name would precede your husband’s last name in the hyphenated version. As you would if you were changing your last name to his, you would have to complete all the pertinent legal documents as you would if you took your husband’s last name completely. This is a good compromise if you still want your name heard but also want to gain an identity with your new marriage. A variation of this option is to change your middle name to your maiden name.
Another variation would be to keep your maiden name legally and use your husband’s last name socially. In this case, you would not need to go through any legal documents to change your name. This is a good option if you have established yourself professionally and do not want to cause any confusion in the workplace. Beware that if you try to legally change your name to your husband’s and try to keep your maiden name at work, you may run into some issues, particularly with the payroll department, since many times they will have to issue paychecks in your legal name. There are far fewer important documents in your social life, so there will be fewer opportunities for confusion if you keep your maiden name legally and use your husband’s name socially. Just keep in mind that the disadvantage with this option is that it can become complicated in terms of the array of names that will be used to describe you.
You and your husband could invent a “new” last name together. For example, if you are Johnson and he is Klein you could create the last name Kleinson. If both of you would like a new identity to start with, this is a viable option. Another option, if your husband is willing, is for him to take your name. In this instance your husband would go through the legal name change process rather than you.
There are many options available to you. Keep in mind that whatever you first decide, you can always change later if you don’t feel comfortable with it. Be sure to give it time and see how comfortable you feel with your name change arrangement.
Basics of the PreNuptial Agreement
A prenuptial agreement is an advantageous document to draft if you have many assets, a business, or children from a previous marriage. It serves to protect the inheritance of children and to protect what was yours prior to the marriage. It can also protect you as a couple from outside parties, such as ex-spouses.
If you are interested in drawing up a pre-nup or would like to know if you need one, your best option is to speak to an attorney. There are differences in each state with regards to the way property is held and how it is divided upon death or divorce, so be sure to consult with attorneys in your state who are familiar with these state laws. Technically, any attorney is qualified to speak with you on this matter, but you may want someone who is in family practice and has experience with pre-nups. Usually, an initial consultation is free of charge.
Upon consultation, if you decide to write a pre-nup, your spouse should also have his own lawyer to protect his own interests, as this will be a contract between you and your spouse. In reality, an attorney is not necessary for a pre-nup to be legal. However, there may be certain steps in your state that are necessary to make it a legal document that you may not be aware of. In addition, you may not know what to include or how to phrase it so that it will be upheld by a court in the event you need it, without either doing a whole lot of research yourself or having a lawyer consult with you and draw it up.
The pre-nup can be drawn up and signed as close as a day before the wedding, but it must be completed before the wedding. After the marriage, your state's laws come into effect regarding distribution of assets.
Though nobody ever thinks their marriage will end, some do. The pre-nup can protect you in case something was to happen to your spouse.
If you are interested in drawing up a pre-nup or would like to know if you need one, your best option is to speak to an attorney. There are differences in each state with regards to the way property is held and how it is divided upon death or divorce, so be sure to consult with attorneys in your state who are familiar with these state laws. Technically, any attorney is qualified to speak with you on this matter, but you may want someone who is in family practice and has experience with pre-nups. Usually, an initial consultation is free of charge.
Upon consultation, if you decide to write a pre-nup, your spouse should also have his own lawyer to protect his own interests, as this will be a contract between you and your spouse. In reality, an attorney is not necessary for a pre-nup to be legal. However, there may be certain steps in your state that are necessary to make it a legal document that you may not be aware of. In addition, you may not know what to include or how to phrase it so that it will be upheld by a court in the event you need it, without either doing a whole lot of research yourself or having a lawyer consult with you and draw it up.
The pre-nup can be drawn up and signed as close as a day before the wedding, but it must be completed before the wedding. After the marriage, your state's laws come into effect regarding distribution of assets.
Though nobody ever thinks their marriage will end, some do. The pre-nup can protect you in case something was to happen to your spouse.
Sunday, May 6, 2007
So Your Vendors Didn't Perform...What To Do Now?
They are many brides' greatest nightmares...the DJ shows up intoxicated; the videographer fails to show up at all; the photographer ruins virtually all of the wedding pictures; the cake at the reception is the exact opposite of the one that had been ordered...and so on. Let's face it: weddings can be grand affairs, with months of planning and little lee-way for things to go wrong. Of course, something is always bound to go wrong: it's nearly inevitable.
Yet there is a difference between commonplace errors and blatantly unprofessional misconduct. While certain mistakes may be excusable, or even inevitable, other errors stem from wrongdoing and negligence on the part of wedding vendors. If your wedding was marred by grave mistakes that you believe could have been avoided, don't think you have lost the battle. The most important thing to recognize is your right to take action after the event has taken place.
Of course, it can be difficult to tell whether an error was an honest mistake or the product of unprofessionalism. In order to differentiate between the two, consider the following questions:
** Could the mistake have been avoided?
Example: Your photographer could have avoided leaving her camera at home, but may not have been able to avoide purchasing bad film.
** Would other vendors in the same field/profession have done things differently?
Example: If your DJ came dressed in a clown's suit despite his contract stating he would wear a tuxedo, chances are not many DJ's would dare to do the same. Performing a job in a manner that deviates from methods commonly employed by professionals in the same field can be an indicator of negligence.
** Was the mistake a significant one?
Example: One missing rose on your cake may not even be noticeable to anyone but you, but an announcement like "Our Sympathy For Your Husband's Passing" on the top tier may indeed cause irreparable damage at your reception.
** Did the vendor attempt to rectify his/her mistake?
Example: After recognizing that your wedding video was ruined, did your videographer offer to try and recreate some of the scenes (or give you a full refund,) or did he hang up on you?
After carefully examining the situation, you will be able to determine whether you wish to act upon the mistake or simply let it slide. And if you do wish to go after a vendor who acted in bad faith, please know that you have many options. Consider the following:
** Report the business to the Better Business Bureau.
** If the vendor is a member of your local Chamber of Commerce, contact them and report that vendor.
** The vendor may belong to other professional organizations--you may choose to ask these orgazizations to reprimand the vendor.
** If the negligent performance was in breach of a contract, file a suit in Small Claims Court.
** Hire an attorney to recover actual costs of damages and/or punitive damages.
** Send a Letter to the Editor of your local newspaper--there's nothing like unfavorable advertising to stop businesses from acting in bad faith.
Yet there is a difference between commonplace errors and blatantly unprofessional misconduct. While certain mistakes may be excusable, or even inevitable, other errors stem from wrongdoing and negligence on the part of wedding vendors. If your wedding was marred by grave mistakes that you believe could have been avoided, don't think you have lost the battle. The most important thing to recognize is your right to take action after the event has taken place.
Of course, it can be difficult to tell whether an error was an honest mistake or the product of unprofessionalism. In order to differentiate between the two, consider the following questions:
** Could the mistake have been avoided?
Example: Your photographer could have avoided leaving her camera at home, but may not have been able to avoide purchasing bad film.
** Would other vendors in the same field/profession have done things differently?
Example: If your DJ came dressed in a clown's suit despite his contract stating he would wear a tuxedo, chances are not many DJ's would dare to do the same. Performing a job in a manner that deviates from methods commonly employed by professionals in the same field can be an indicator of negligence.
** Was the mistake a significant one?
Example: One missing rose on your cake may not even be noticeable to anyone but you, but an announcement like "Our Sympathy For Your Husband's Passing" on the top tier may indeed cause irreparable damage at your reception.
** Did the vendor attempt to rectify his/her mistake?
Example: After recognizing that your wedding video was ruined, did your videographer offer to try and recreate some of the scenes (or give you a full refund,) or did he hang up on you?
After carefully examining the situation, you will be able to determine whether you wish to act upon the mistake or simply let it slide. And if you do wish to go after a vendor who acted in bad faith, please know that you have many options. Consider the following:
** Report the business to the Better Business Bureau.
** If the vendor is a member of your local Chamber of Commerce, contact them and report that vendor.
** The vendor may belong to other professional organizations--you may choose to ask these orgazizations to reprimand the vendor.
** If the negligent performance was in breach of a contract, file a suit in Small Claims Court.
** Hire an attorney to recover actual costs of damages and/or punitive damages.
** Send a Letter to the Editor of your local newspaper--there's nothing like unfavorable advertising to stop businesses from acting in bad faith.
Subscribe to:
Posts (Atom)