Before getting married, many couples obtain a prenuptial agreement – also referred to as a “prenup” – to ensure that each person’s property and assets are protected. There seems to be a public perception that these types of contracts are for the wealthy elite, but the truth is, regardless of your financial situation, prenuptial agreements clarify each spouse’s financial rights and protect them from each other’s debts. In this blog, we share the items you should include in your prenuptial agreement.
Premarital Assets and Debts
Any assets or debts that you obtained before getting married are considered “premarital.” Things like savings accounts, retirement funds, or pensions acquired up to the day you are married and student loans are all examples of premarital assets or debts. You want to make sure you come up with an extensive list of every premarital asset or debt under your name. While you may be hesitant to disclose such private financial information, being honest and direct about your economic issues is good practice for your soon-to-be husband or wife and a necessity for the validity of your prenuptial agreement.
Anything you acquire as a married couple is considered marital property. This part of the prenuptial agreement will cover how you and your spouse will handle the assets and debt you accumulate together. Will you share them jointly and equally or will you use another arrangement?
Management of Assets
Do you and your spouse have different spending styles? Some people are spenders, while others are savers. When discussing the management of assets, you and your spouse can decide how to make financial decisions, such as who will handle the checkbook, who will make sure house bills are paid on time, and how each spouse will contribute to any long-term financial goals.
Wondering if a prenuptial agreement is right for you and your future spouse? Talk to our skilled and experienced Columbus divorce attorney at Weis + O’Connor, LLC to learn how we can help you through your prenuptial agreement issues. Call our office at 614.428.0266 or fill out our online form to request a confidential case evaluation.