Making a prenuptial agreement before marriage may seem like an unromantic necessity, but it can be essential for many couples. In addition to protecting each partner’s assets and liabilities if the relationship should dissolve, these agreements can provide clarity and financial security during times of hardship or change. Before signing a contract, however, it is important that both parties consider the implications carefully and ask the right questions. This blog post will explore the things engaged couples should know about prenuptial agreements and help guide them in negotiating one fairly by discussing 6 key questions to ask your partner ahead of time.
Question 1: What assets are included in the agreement? A prenuptial agreement should include a list of all personal and marital assets that each partner has come into the marriage with. This can include anything from real estate, stocks, bonds, cars, jewelry, and other physical possessions. It is important to discuss who owns what and how that will be treated in the event of a split or death.
Question 2: How will the debt be handled? Debt such as student loans, credit cards, and mortgages should also be discussed in the prenup. Each party’s individual debt should remain their own responsibility but it is important to talk over details such as whether any joint debts acquired during the marriage will be split equally or not.
Question 3: What happens if one partner dies? It is essential to discuss what will happen with the estate in the event of a death. This can include anything from who will inherit certain assets, who is responsible for paying debts and/or taxes, and how joint accounts should be handled.
Question 4: Will alimony be included? Alimony, also known as spousal support, can be requested by either party if they are unable to financially support themselves after divorce. These details should all be discussed before making the agreement.
Question 5: What happens if the marriage ends in divorce? If a couple decides to dissolve their marriage, they will need to decide how assets and debts should be divided. This can include anything from physical possessions, bank accounts, investments, and other financial obligations. It is important to discuss what each partner expects ahead of time so that no one feels unfairly treated later on.
Question 6: How often should the agreement be reviewed? Life is constantly changing – couples may acquire more or less debt, buy a property or start businesses together. That’s why both partners need to review the prenup periodically (every 5-7 years) and make sure everything is still accurate and up-to-date.
Making a prenuptial agreement can be a difficult but necessary part of preparing for marriage. By asking their partner the right questions and discussing each point carefully, couples can ensure that their prenup is fair to both parties and meets their individual needs. With careful consideration, a prenuptial agreement can provide security and peace of mind in the event of separation or death. If you need assistance creating a prenuptial agreement or have any other family law needs, contact us today. At Mullett Dove & Bradley Family Law, PLLC, our team would be more than happy to help you through this process and answer any additional questions you may have.