If you are planning to get married and you have substantial wealth to bring into the relationship, it may be a good idea to safeguard those things you earned by yourself from potential loss should your marriage end. With the divorce rate increasing at an alarming pace, sometimes it pays to draw the line right from the start.
Also known as premarital agreements, a prenuptial agreement draws the line on what are inherently yours and yours alone at the start of the relationship. Here’s the simple truth about marriage: everything you own, from assets down to your debts, become a part of your married life. This forms the unique foundation for a happy and successful married life.
Unfortunately, you may come to the conclusion that the relationship is not worth seeing further. If this happens, you may end up in a divorce. And if you have never made any premarital agreements prior to your marriage, the divorce proceedings may be awfully traumatic.
What You Should Include in Your Prenuptial Agreement
All agreements must be clear. Both parties should agree to the provisions of the agreement. Technically, you have to include personal information about your spouse and children, if any. It is important to identify who are the parties to the agreement so that you will not have issues later on. To accomplish a valid prenuptial agreement, seek help from family lawyers.
Additionally, you will have to provide information on your property, assets, debts and income. You will also have to carefully state what you want to happen in case your marriage ends up in divorce. This is where you can draw the line.
Some experts recommend including information regarding estate planning so that some or all of your assets will go to your biological family or to your children instead of your spouse. Of course, when you do get married, Dixie Ann Middleton & Associates says you can create a separate will for your estate planning.
No one wants to have their marriage end up in divorce. But given today’s divorce rates, it is always better to be prepared.