If you are interested in creating a prenuptial agreement and if your soon-to-be spouse is on board with the idea, it's time to move forward.
Soon enough, you'll have one very important question on your mind: What should you include in the prenuptial agreement? This may sound like a simple question to address, but you may soon realize that there is a lot that goes into making the right decisions.
Here are some of the many things you can do with a prenuptial agreement:
-- Distinguish between marital and separate property. In short, this gives you the opportunity to protect any property that you bring into the marriage, if you divorce in the future.
-- Debt protection. Are you concerned that getting married will put you on the hook for your spouse's debt? While you are married, this may be the case. However, if you divorce, a prenuptial agreement can limit your debt liability.
-- Protect family property. If you have any family property, such as a business interest or valuable heirloom, a prenuptial agreement can protect this to ensure that it always remains with you.
Along with the above, other items often included in a prenuptial agreement are retirement benefits, bank accounts and investments.
You have the right to approach a prenuptial agreement in the way that you best see fit. What matters most is that both you and your partner are happy with the end result.
If you have any questions or concerns, be sure to work them out before your big day arrives. Each of you will need your own attorney to review the agreement to ensure that it protects your rights.
Source: FindLaw, "What Can and Cannot be Included in Prenuptial Agreements," accessed Oct. 31, 2016