Marriage is a celebration of two individuals coming together to create a new family. It is truly a union of hearts, souls….and piggy banks. I know, so romantic, right? Not really something newly engaged couples dream about wasting pillow talk on. However, marriages can become messy and some couples may be thinking that a safety net would be wise to have, especially in relation to money and finances. So questions such as “is a prenuptial agreement worth looking into?” one of the best pieces of advice is to communicate and when It comes to money, couples should be able to talk freely and opening to each other about their finances.
Since we are talking about it, what exactly is a prenuptial agreement anyway? A prenuptial agreement is a legal contract that that two people can enter into before the Big Day. It covers a large variety of topics that include things such as:
• Property rights
• What to do in an event of a spouses death or incapacity (including life insurance)
• Estate planning
• Debt including student loans
• Claims, deductions, and income for filling tax returns
• Management of household expenses and bills
• Joint bank account management along with savings contributions
• Money spending agreements including credit cards
• Retirement benefits
• Business ventures/ or ownership of any businesses
• Provisions for children (either from a previous relationship, adoption, or resulting from this relationship)
• Settling of potential arguments through desired method such as mediation
The main reason anyone would want to enter into a prenuptial agreement is to protect their assets and to veer away from what the law may provide in the event of a breakup and/ or divorce. This may have something to do also with laws for divorce vary by state. By having a prenuptial agreement written before marriage, the laws are less likely to impose equitable distribution or community property laws. The longer a marriage lasts, the easier it is for assets, especially money, to get commingled.
Prenuptial agreements are not only limited to rich people in Hollywood movies whose marriage seems likely to fail, just as the climax of the movie is making headway. Anyone entering into a marriage can get this contract drawn up to help protect themselves SHOULD anything happen. It has also become popular among the millennial couples to have a prenuptial drawn up, if only to protect themselves from their partner’s pile of student loan debt. Many believe that even though they have entered into a union, they should still be responsible for their own debts they may have acquired in the past.
Each partner should look into getting their own lawyer, as it is safer to do so. Typically these contracts can take a little time to draw up, many lawyers advise couples to begin their prenuptial agreement at least 6 months before the vows.
At Ali & Blankner, your Orlando family law attorney, we are here to help make your marriage as easy and protected as you would wish. We want your marriage to be one that lasts, but just in case it does not, we have your back!