Prenuptial Agreements: Planning for Life Beyond the Big Day
The dress has been purchased. The invitations have been sent. A countdown to the big day is prominently displayed. As many details are being finalized, couples often don’t think about an important component of wedding planning: the prenuptial agreement.
The premise–that a couple is planning for the challenging financial aspects of the of their relationship–can create tension during an exciting time. Understanding what a prenuptial agreement is, the process involved and the benefits afforded can help alleviate stress for those considering adding an agreement to their wedding planning checklist.
What is a prenuptial agreement?
A prenuptial agreement is tailored to the couple, and no two are the exact same. It can address how a couple wants to allocate income, split their assets and divide their debts both during the marriage and in the event of divorce. It can also outline what maintenance–formerly, alimony–will look like. It cannot address decisions surrounding children, such as parenting time and child support obligations.
What is the process?
Every prenuptial agreement requires voluntary agreement on the part of both future spouses and a fair and reasonable financial disclosure from each. Beyond these legal requirements, the negotiation process of prenuptial agreements is unique, just the like couple. The process is molded to fit everyone’s comfort level.
The questions below are a starting point to help couples identify what their agreement will look like:
- What does my future look like? What does our future look like?
- Will we have children? Do we already have children together or from former relationships?
- What assets and liabilities do I have now? What assets and liabilities does my partner have?
I’m not a millionaire or a movie star—why would I want a prenuptial agreement?
Whether you are a parent, a member of a family business, or paying down your future spouse’s student debt, everyone can benefit from a prenuptial agreement. By addressing tough topics through a prenuptial agreement, couples set the groundwork for a healthy financial relationship before saying “I do.”
Kogut & Wilson can guide you through the prenuptial agreement process, ensuring that you are well educated about the terms and implications of an agreement. Schedule a free 30-minute consultation with one of our attorneys to identify workable solutions aimed at making your family’s future more comfortable.