June 16, 2018
| On 1 year ago

To Prenup Or Not To Prenup

Most of us think Prenuptial Agreement is a swear word, starry eyed, in love and absolutely no thought of future divorce. Reality is often harsh and usually kicks us when we least expect it. Considering the rate of divorce in the 21st Century maybe it would be wise to hedge your bets before your walk down the aisle.

Of course this is all your personal choice and what circumstances you find yourselves in, for each marriage comes with its own “baggage”. To help you determine if a prenuptial agreement is right for you and your future spouse, find out all the benefits and disadvantages of having one in place before you say “I do”.

Step 1: The Talk

Marriage is almost like a business deal, you are merging as a couple and intertwining your dreams, aspirations and finances under one roof. Find a common place in your home, like a study or the kitchen to have your chat and be completely honest with each other.

Have paper and pen handy, for you need to draw up a list of assets, personal gifts, liabilities (yip those student loans are NOT your spouse’s responsibility) and if you have, business’s.

Keep in mind while you are discussing your prenup that it is not always about money. It can also include provisions on how to handle your affairs upon death, pet custody and future inheritance or debt.

Step 2: Visit a family law attorney

You might think that your contract is uncomplicated and that you both agree on all future outcomes…. Here comes the big BUT. It may not stand up in court even with a notarization, so do get a family law attorney involved. Online can be a cost effective solution if your prenup is simple and you and your spouse have agreed to all the points of the prenup or find one in your state that has come recommended by someone you know.

Of course this is all your personal choice and what circumstances you find yourselves in, for each marriage comes with its own “baggage”. To help you determine if a prenuptial agreement is right for you and your future spouse, find out all the benefits and disadvantages of having one in place before you say “I do”.

Each state has its own provisions for the definition of personal property and jointly owned or community property, so a law attorney will guide you and inform you of your particular states laws.

Step 3: Review your prenup

Make sure you and your partner review and understand the agreement, as it becomes valid on your wedding day. This is just your “beginner” prenup as all marriages will go through lifestyle changes, so consider reviewing your prenup and make amendments as your lives change.

This blog is certainly not legal advice, rather a few thoughts on “should we or should we not” get a prenup. By having everything listed in a prenuptial agreement, the actual divorce proceedings will go smoother than one without a prenup and you can avoid an enormous amount of conflict.

From personal experience, my prenup saved me from debt collectors after a business went belly up. On the advice from a savvy law attorney, all debt was solely the responsibility of the spouse that applied for it. Having a prenup in place saved my personal assets from being seized. It seems rather cold to use the word prenup before you get married, so put away the emotions and get cracking with the legalities. You never know what the future may hold.

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