Planning To Get Married? 3 Things To Consider When Drafting A Prenuptial Agreement
Most people think that their love for their significant partner will be enough to take them through all the situations they encounter when married. Sadly, this is not always the case, and sometimes, you need to use logic and have contracts in place dictating terms before getting into the union. A prenuptial agreement is a contract that allows you to express how you would like to resolve any conflicts that will arise later in the marriage. Here are three things you should consider when drafting a prenuptial agreement.
The Law on Prenuptial Agreements
Every state has unique laws concerning prenuptial agreements. You should speak to a family lawyer about your state law and understand what you are allowed to make part of the agreement and what is not legal. Remember that your partner should agree to the terms and conditions for it to become binding. A lawyer will know how to word the document in a way that is agreeable and fair while at the same time safeguarding everyone's interests. Most people focus on how they will share their assets after the divorce when creating the agreement. However, there are many other areas of family life that you can add to the agreement, and the lawyer will help you explore them.
Understanding the Separate and Marital Belongings
There are two categories of assets you will have when going into a marriage. The first is the separate assets that you acquired before the union. The second are those that you get after you are married. The agreement allows you to identify and list everything you owned before the marriage. You are not obliged to split this property with your spouse if you separate in the future. It is crucial to follow up on this, especially in community states where your valuables will be split halfway following a separation.
Determine Marital Debts
Similar to acquiring assets in the marriage, you will also acquire debt. Not having a prenup could lead to you paying a debt that you had nothing to do with after the separation. It is advisable to assess this area with the family lawyer and insert a clause protecting you from your spouse's bad debts.
You can discuss and smooth over some issues with your family law attorney as you draft the prenup. They will know how to create a document that protects you from all losses you might suffer if you separate.
For more information, contact a local firm like Evans & Turnblad.