When you get married, it’s important to at least think about signing a prenup agreement. It’s an agreement between a couple where they divide their assets in the event of divorce or death, and basically a way to prevent a long and drawn out court case over the division of assets. Some people choose not to sign one, namely because they think talking about the possibility of divorce means that their marriage might fail.
Think of a prenup like a safety net for the trapeze act that is marriage, where if you don’t have one, there is a real danger of permanent injury. But if you have one, then it’s only there to protect you when you need it. So just because you install a net doesn’t mean you’ll automatically fall, plus it can also cover the death of a spouse, so you can think about that as well.
Death is going to happen, no matter what, and you’ll probably have a lot to grieve about without worrying where your spouses’ assets will go. So now that you know the benefits, here are some things to think about.
Keeping Things Fair
Fairness is a big key in the entire process, and many states dictate that both parties need to fully disclose their assets and discuss everything in the presence of a Prenuptial Agreement Attorney in Minneapolis. Both parties need to be able to get equality out of the agreement, and that equality depends on the circumstances at the time, as well as in the future. For example, some states even think about money or property that can be inherited from family members, and make sure that is at least referenced in the case.
For an example of looking forward to the future, if one parent has children to raise and divorce happens, then there should be money in the prenup to cover those expenses.
This does depend on the couple, but they might agree that any assets they had before they were married remain off limits, or that any assets they make during their married period are subject to division between them. Couples can go either way, but it is something to think about.
When to raise the question
Since a prenup requires some well thought out legal work, two attorneys, and a great deal of time before it is finalized, the idea of a prenup agreement needs to be raised and talked about well before the marriage happens. You should be confident in the structure and layout of the agreement before continuing with your marriage and wedding plans, and even if you never end up using it, at least you have it.
Just because you are laying out plans for the worst doesn’t mean you should expect the worst, but by preparing for the worst outcome of your marriage, you can then turn all your energy to focus on the best outcome. So speak seriously to your spouse about a prenup, and get it prepared and ready for the marriage.