23rd Aug 2012
A lot of people may think that prenuptial agreements are exclusive to celebrities and other public figures. But no, it is for all. A prenuptial agreement is basically designed to protect an individual’s possessions, properties, accountabilities, etc. before he or she gets into marital bliss (because from the time of marriage and thereafter, all things acquired and earned will be conjugal or owned by both the husband and the wife).
One motivation in getting into a prenuptial agreement is to make sure that neither party is in on the marriage because of financial reasons. Harsh though that may sound, it is one among many practical ways to save oneself from the discomforts of splitting the property when a divorce is imminent.
Whatever your reasons are, you should consider the following ideas when preparing for a prenuptial agreement.
· Prepare it way before getting married. Drafting a prenuptial agreement shortly before the wedding may prove to be uncomfortable for both parties. It may even strain the relationship. Perhaps as early as the engagement, both parties can discuss and come up with a draft. That way, they will have ample time to review it.
· Be rational when drafting the prenuptial agreement. There are things worth keeping to yourself and there are things worth sharing to your spouse. One thing is for sure, you wouldn’t want to give all the things your spouse asked of you. Besides, if you have other beneficiaries to think about, this is the right time to consider it.
· Make sure that your prenuptial agreement is valid in all 50 states. I won’t elaborate on this one, but it sure does make sense.
· Be open to discuss all financial matters (including debt). You wouldn’t want to share your debts with your spouse, would you, or worse not know how badly they are in debt? This could give you great insight into their spending habits and whether or not they are in line with yours. Not to be flippant about it, discussing how much one earns, one’s spending habits and debts will help you in drafting the prenuptial agreement, especially when you want your properties be evenly divided.
· Don’t forget the will. Make sure that your spouse-to-be stands to get something when you die first. Without the will, taxes may eat up everything you own.
Hope these pointers will help you in considering drafting a prenuptial agreement. Not only will it help you put things in order, it will also give you a better perspective on your relationship with your soon-to-be lifetime partner.