Do you like the idea of creating a prenuptial agreement? Is this something you want to discuss with your soon to be spouse in the near future?
If you're thinking about asking your partner to sign a prenuptial agreement before your wedding day, it's important to leave yourself as much time as possible. This gives you enough time to discuss the agreement, work out the finer details and ensure that both individuals are on the same page.
While no two prenuptial agreements are exactly the same, there are some items that are commonly included in this legal document. Consider the following:
-- Retirement benefits, such as a 401(k) and individual retirement accounts (IRAs).
-- Business interests.
-- Management of joint bank accounts and household expenses.
-- Property distribution to the other individual in the event of death.
-- Estate planning details, such as leaving an inheritance to a child or children from a previous marriage.
Along with the above, you can also use a prenuptial agreement to outline how to settle potential disagreements in the future.
Many people shy away from a prenuptial agreement because they think it will upset their partner. While this is a valid concern, don't let it stop you dead in your tracks. Instead, discuss the finer details of a prenuptial agreement with the idea that both individuals will have the ability to speak on the subject.
In the end, it's important to realize that a prenuptial agreement can benefit both parties. When you include the right items and when you work with the right professional team, everything will come together.
Source: FindLaw, "What Can and Cannot be Included in Prenuptial Agreements," accessed March 09, 2017