Think ahead when creating a prenuptial agreement

On behalf of Stange Law Firm, PC posted in Family Law on Monday, June 24, 2013.

A good prenuptial agreement contains detailed information pertaining to significant assets and debts. The best agreements are also those that cover all types of possible situations, from spouses becoming involved in each other’s businesses to one spouse staying home to take care of children.

The issue with prenuptial agreements is that many times an engaged girlfriend or boyfriend feels weird bringing it up. Some worry about coming off as being too self-serving. However, what is important to keep in mind is that marriage is a legally binding contract with one another. A prenuptial agreement does not change this; it just writes the rules of that legally binding contract in order to protect both spouses should there be a separation or divorce in the future.

In looking at prenuptial agreements, the best time to bring it up to a significant other is soon after the engagement. This way there is plenty of time to talk about the agreement without one spouse feeling attacked.

When creating the agreement, this should also be something that is done together. This gives each person a space to share why certain aspects of the agreement are important to them. However, before the prenuptial agreement is finalized, each spouse should have their own attorney look it over. This will help to ensure the agreement will hold up in court if it is ever needed.

Lastly, when creating the agreement, keep in mind changes that are yet to come, like children, business expansions and career changes. While these are not all aspects of life that will necessarily happen, it will help to have these types of events included just in case.

In the end, know that creating a prenuptial agreement does not need to be looked at in a negative light. Rather, it can be a time for a couple to sit down and talk about finances and what is important to them, which is something that can actually bring two people closer together.

Source: Entrepreneur, “How to Ask Your Partner for a Prenup,” Nadia Goodman, June 19, 2013

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