You and your future spouse have agreed to get a prenuptial agreement. Good for you! Gone are the days when prenups were solely the province of the rich and famous. Everyone, regardless of age, income and wealth, can benefit from detailing how assets and debts will be divided should the marriage end.
It's essential for both parties to have their own attorney involved in the drafting or at least the review of the prenup to help ensure that their interests are protected. Your attorney will help make sure you've covered everything that should be spelled out in the prenup for your unique situation.
Address Debts as Well as Assets
It's important for both prospective spouses to list their debts going into the marriage. If you don't, and/or fail to keep these debts separate during the marriage, you could end up being responsible for your spouse's college loans or credit card bills that he or she had when you married.
Protect Your Business
If you own your own business or are a part owner or investor in your family's business, you'll likely want to specify that it belongs to you. You'll also probably want to designate that your share of any increase in the business's value during the marriage is yours unless your spouse becomes involved in the business.
Appraise and List Separate Property
Property that you bring into the marriage is your separate property. You should list anything of value in your prenup. That includes homes, artwork and jewelry -- including your engagement ring. This is considered a gift, and is yours. Even though most women have no interest in wearing their engagement ring after a marriage ends, it's likely still worth a good deal of money. It's best to have that and other items of value appraised before finalizing your prenup.
Don't Forget Your Pets
Couples often end up fighting over their fur children when they break up. If you're bringing a pet into the marriage, you should stipulate that you will get the animal in a divorce (or that you'll be sharing custody, if that's the case.). It's also good to stipulate custody arrangements for other animals adopted during the marriage.
None of these things are particularly romantic to discuss as you prepare to wed. However, the drafting of a prenup gives couples the chance to discuss their individual financial status and goals before they tie the knot. Since money issues are a major cause of marital strife and divorce, the discussions around a prenup can actually prevent conflicts in your marriage. A prenup can also save considerable money and time just in case you don't live happily ever after.
Bankruptcy – Business
Bankruptcy – Personal
Criminal Law – Appellate
Criminal Law – Federal
Criminal Law – State Felony & Misdemeanor
Drunk Driving Defense
Dumb or Weird Laws
GM Ignition Switch
Stryker Hip Replacement
Intellectual Property Law
Labor & Employment Law
Landlord Tenant Law
Personal Injury – Defendant
Personal Injury – Plaintiff
Social Security Disability
Weird Law Friday
Trending Searches#TBT #ThrowbackThursday constitutional law Criminal Law - State Felony & Misdemeanor dangerous or defective products divorce DUI dumb laws estate planning Events that Changed History Family Law FAQ first-amendment product-recall products liability random laws recall safety recall strange laws weird laws