While a prenup may not be the most romantic topic of discussion, a marriage is a legal contract between two people; and it is important to be sure you are protected when you enter into any legally binding agreement. A prenup should be viewed in the same light as a will or any other asset planning tool, in that it is simply a way to help plan for your financial future.
Once we move past our preconceived ideas about what a prenuptial agreement is or represents, we can objectively consider what it should address. Some things you may want to be sure to address in a prenuptial agreement include:
- Premarital assets and debts: Assets and debts that each individual acquired prior to entering into marriage. These acquisitions might include vehicles or other property and debt such as credit cards or student loans.
- Children from a previous relationship: You may want to be sure there is a plan laid out for how to provide for those children or how to convey any inheritances if you and your current spouse are no longer married.
- Marital assets and debts: This is important especially if you intend to incur certain assets or debts but keep them separately.
- Marital responsibilities: These are not things such as chores, but the expectations from each other from a financial standpoint.
- Career Life: You can describe what the expectations are with regard to work and income in addition to the expectations if certain scenarios arise during the course of your marriage.
- Family property: Make sure to address items such as heirlooms should, especially if the assumption is that the other party will return any family property upon disillusionment of the marriage.
- Property division in the event of a divorce: This part of the agreement is essential, especially if there is a business involved.
It is important to discuss a premarital agreement as a way to protect both parties. Once a marriage has entered into a separation or divorce phase, emotions are elevated, and often times it is difficult to view things objectively. Hashing out the details of a prenup before finding yourself in the midst of an emotional swamp could save many headaches and frustrations in the long run.
If you are interested in learning more about prenuptial agreements or would like to discuss your rights regarding marriage and divorce, please call our Akron attorneys to make an appointment. If you need to retain an attorney immediately, as there are court-required deadlines to meet, call us at 330-922-4491 or contact us online to schedule you for an initial consultation.