If you have an upcoming wedding in your sights, you may be extremely happy and busy at the same. While it may make you groan to add yet one more thing to your list of things to do, adding a prenuptial agreement could turn out to be the most important wedding plan ever. Read on to learn more about the importance of creating a prenuptial agreement before you tie the knot.
Why a Prenup?
Almost no one really considers the need for this agreement, and many think that only the very rich need to think about things like a prenup. A prenuptial agreement, however, is useful for everyone, regardless of your assets at the time of the wedding. This agreement holds the couple to certain financial promises and is a legal document that is recognized by the courts.
The problem that most people have with these types of agreements is that it feels very wrong to make plans in the event of a divorce before the vows are even shared. But this agreement should be considered like an insurance plan that you hope you never need but is there when the worst happens.
What Should Go in the Agreement
Keep in mind that this is really more of a financial agreement, so don't try to insert provisions that deal with issues like what to name the first child, what style of home to buy, who has to do the housework, etc. The prenup should be professional and serious.
The agreement should address important financial issues like the following:
- Who owns what property prior to marriage, which covers everything from artwork to a pet
- What will happen to jointly owned property acquired during the marriage in the event of a divorce
- Who is responsible for paying what household bills
- Who owes what to whom (creditors) at the time of the marriage
- Provisions for savings plans, such as educational funds for the children's college, retirement funds, and more
Avoid Addressing This Issue
Along with issues that pertain to non-financial needs, any provision that addresses child custody, visitation, child support, and anything else pertaining to a minor should be left out of the agreement. State law will supersede any prenuptial agreement and its provisions. It's also unwise to make decisions about children before a marriage, when you are dealing with many unknowns.
Speak to a family law attorney today and make some plans for dealing with financial issues part of your wedding plans.