While prenuptial agreements were once used only by couples who had significant assets, today they are becoming more and more common for the everyday couple.
A well-written, solid prenuptial agreement can make a couple's separation or divorce less contentious and much easier. Here are some things to consider when creating a prenuptial agreement:
1. Do you need a prenup?
Sit down with your soon-to-be spouse and start laying out your assets and debts. Learn how much your partner makes, what they own and what they owe. If the two of you don't own or owe much of anything, there probably is little need for a prenup.
2. Always get an attorney's help
Creating a prenuptial agreement with your partner is not something the two of you should just do together. An attorney's help is needed to ensure that your prenuptial covers all that is needed. An attorney's experience is invaluable and can help ensure your prenup will hold up if a divorce happens.
3. Avoid getting emotional
It can be difficult to keep your emotions out of your prenup, but it's important to do so. This agreement is one you should look at like an insurance policy. You may never need it, but if you do, you don't want to use it just to hurt your partner.
4. Be honest
Don't try to hide your assets or debts. Doing so can get your prenup invalidated if it needs to be used in court during a separation or divorce. While admitting that you have a hundred thousand dollars in student loan debt may not be easy, it's best to lay everything on the table.
5. Don't wait to the last minute
A prenup should be completed well before the wedding. This will help the court see that neither of you tried to coerce the other into signing this legal document.
When you follow the above tips for creating a strong prenuptial agreement, you can rest assured that your marriage is getting off to a good start. Knowing that your future may be stronger financially if a divorce occurs can help you enter your marriage with both eyes wide open.