Three Things You Need to Know About Prenuptial Agreements
It can be difficult amidst the romance and happiness involved in a marriage proposal to even think about a prenuptial agreement These agreements are ultimately wise to pursue in order protect your own assets and property in the event that there is a divorce later down the road. Although it can be uncomfortable to discuss, they are highly beneficial. Here are five things to consider when drawing up a prenuptial agreement:
1.It will define the rights of ownership between you and your spouse
This is an important thing to consider as it will help keep your possessions safe in the event that the marriage dissolves. You do not want to have invested money with your partner or have purchased big ticket items, only to have them ripped from you in a nasty divorce settlement.
2.It protects you from any debts or loans that your spouse had before marriage
A prenuptial agreement protects you so that you will not have to handle paying for any debts your spouse accrued prior to marriage. It can bring about serious financial damage to your own accounts during a divorce, as you will have to split the debts amongst the two of you without a prenup.
3.Determines what gifts, inheritances and trusts will be shared
Throughout a marriage, each spouse often has received gifts from one another along the way. It would not seem appropriate to have to share or split those gifts in the event of a divorce. Also each spouse may obtain inheritance money from a loved one during their marriage. By having protection over these certain financial accounts, it can keep them safe from being divided up during a divorce settlement.
If you are thinking about signing a prenuptial agreement to protect yourself from future financial damage, be sure to contact our firm. We are more than willing to help you with every aspect of the agreement process.