The Premarital Checklist Before a Prenup
Most couples make the mistake of either not going for a prenup at all or miss out on details on paper that they regret not having discussed before. Time changes things and differences may arise, or there could be conflicts that are better off being ironed out beforehand. Here are some of the most important discussions and questions to be put forward when drafting a prenuptial agreement:
Premarital Assets and Debts
As the name suggests, this includes any assets that you’ve acquired before getting married. It is valid for a wide range of items, including jewelry, property and savings that may in any of your accounts. A prenup requires you to fully and fairly disclose your assets as well as any debts you may owe.
There are considerations, such as the status of the property. Separate property can become a joint property or remain that way. In the unfortunate event of a divorce, how will you split up these assets? If premarital debts are paid by one spouse, will it be a gift or can it be reimbursed?
Marital Property and Management of Assets
Once you’re married, the two of you will acquire income and assets separately later on. There’s a series of questions that a family lawyer will ask you. How will all of it be divided? What arrangement will you use and will it be split among the two of you?
You will also have to decide who will be handling the finances and making calls on the purchases. The one who will be paying the bills, your individual goals for the long-term regarding finances. Will your bank accounts be separate or jointly owned as well?
A big mistake that couples make is not asking questions regarding their career decisions. It has to be on paper if both of you will be working, what kind of incomes do you expect and if there are any plans to continue working after you have children. These can often require a family to move from one area to another to be closer to the workplace, which also is an essential point.
All of it seems trivial but can affect the state of your marriage moving forward.
In the event of a divorce, the duration and limit of the spousal support has to be decided beforehand. You may also consider some stipulations beyond those that are stated by the area you’re residing in as it seems feasible. A capable family law attorney will help sort these discussions out.
Acquiring Legal Services
Because of the excruciating details that have to be considered for marriage, couples tend to do best when they work with an experienced family lawyer that can sort out prenuptial agreements thoroughly. At Ledwidge & Associates, we help couples sort out the details before they make any vows.
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