In the busy days leading up to your big day, you may feel that you simply cannot fit one more "to do" onto your list, but you should think twice before you leave out this important step. Sitting down with your beloved to create a fair and workable agreement about your financial matters should be a priority, and meeting with a family law attorney for guidance and to make that agreement legal is vital. Read on to learn more about what should and should not be a part of you and your fiancé's prenuptial agreement.
Address These Issues in Your Prenuptial Agreement
There is no set form or template for prenuptial agreements, so you and your fiance can custom-create one just for you. With the exception of the below no-no's, you should consider including the answers to the following questions:
1. How will property owned prior to marriage be treated after the marriage and in the event of divorce? If you decide to commingle your assets with each other, you may face a messy situation when you divorce. Take a close look at the real estate, vehicles, art and even your beloved pets and make some decisions now.
2. How will preexisting debts be handled? Common sense may dictate that the debt owner be responsible for any debts owed coming into the marriage, but the reality is seldom that "black and white." Make sure that you are well-aware of your fiancé's debts and make provisions on who will pay what as well as how that debt might be divided upon divorce.
3. How will savings be handled? Retirement accounts, investment accounts, savings for the education of an eventual offspring and other savings issues should be worked out in advance as much as possible.
4. What happens to the children of previous relationships? Ensure that the child is not left in a financially vulnerable position in the event of a divorce.
Leave Out These Issues
1. The family court system will deal with child custody, visitation and support issues, so leave these provisions for the separation and divorce petition.
2. Stick to financial issues and don't clutter up your agreement with useless provisions for minor issues like the naming of children and who's responsible for what chores.
3. In most cases, spousal support should not addressed in your prenuptial agreement. Consult with a local attorney for more information about this.
Final Points to Keep in Mind
1. Start your marriage off right by being honest and upfront about assets and debt.
2. Don't create an agreement that is egregiously unfair to one party over the other.
3. Avoid using coercion or force to form the agreement.
Work closely with a family law attorney to create a prenuptial agreement that is fair and legal.Share