TIME INVESTED CREATING A PRENUP CAN PAY DIVIDENDS
When you and your partner decide that it’s in your best interests to create a prenuptial agreement, you have taken a very positive preliminary step in your marriage. This is because simply taking the time to discuss all of the important issues covered in a prenup will help you both understand the challenges that lay before you. And make no mistake, marriage is a serious endeavor which has a much better chance of success when both partners understand their responsibilities.
A well-written prenuptial agreement will cover every significant aspect of your marriage, so it can take quite a bit of time to examine all the relevant details. But often a good place to begin is by making an exhaustive list of your premarital assets and debts. And when doing this, there are some very important financial issues that you and your partner may want to address.
Your prenup should clearly delineate what steps should be taken in the event the marriage does not work out. For example, you could specify that the debts and assets you each bring into the marriage should revert back to the original owner in case of divorce. Conversely, if you so desire you could stipulate that the holdings be combined with the shared property you acquire during the marriage.
This is only a single, albeit very important, issue that your prenup will address. The agreement may contain terms that outline rights and responsibilities regarding taxes, education, employment, alimony, estate planning and a host of other issues.
Yes, it does sound complicated and perhaps a little overwhelming. But you can allay much of your stress and confusion by working with an experienced family law attorney. An attorney can help you write a prenup that suits your specific needs, putting your impending marriage on a much firmer footing.