Wedding season has arrived and with it, the excitement of planning, interviewing florists, checking out venues and the beginning of a life together. It’s also time to consider getting a prenup before you get all defensive answer this question: what’s the purpose of this document?
A prenuptial agreement (or prenup) serves to protect assets and financial situation but, also it could help address some critical issues for every couple. The reality is that Anyone who has personal assets, liabilities or property — or children from a previous marriage — should consider a prenup. Here are a few things to include in yours:
In case one of you has a larger amount of debt than your partner it’s worth having a prior agreement to limit the liability for each other’s debts. If there’s no prenup, creditors can sometimes turn to marital or community property to satisfy the debts of just one spouse.
Adding a clause to the agreement that specifies how the care of a couple’s pet(s) will be handled when the relationship ends, or they divorce. This is common for couples whose pets were acquired before the marriage, usually belonging to one of the two.
Establishes responsibilities during the marriage whether to file joint or separate income tax returns or to allocate income and tax deductions on separate tax returns. Also, things like paying the household bills, who’s responsible for what, how are they going to be paid. The use of joint bank accounts and management of those.
Estate planning and who’s making decisions in case one of you is incapacitated: a living will is a legal document that specifies what actions will be taken for a person’s health if he or she is no longer able to make decisions because of illness or incapacity. This document works in the case of one (or the two) has kids from a previous relationship and, establishes who has the last say.
Everything you’d consider important for your relationship
The first thing to do is determine whether or not you’ll need a prenup. Ask yourself, “What purpose do I want the prenup to serve?” This will guide you through the process, this doesn’t have to be an uncomfortable conversation, in fact, more couples are considering prenups as a way to avoid complications later in life.
We’ve seen different types of clauses from weight management, date night schedule to social media accounts The social media prenup outlines the boundaries of what may or may not be posted on social media during a marriage. Having an open conversation regarding the future is one of the best ways to start your life together. If you have any questions, let us know in the comments or use our Ask a Lawyer feature.