Although a Prenuptial Agreement doesn't sound very romantic, it is something you and your fiance may want to consider before you walk down the isle. Prenuptial agreements are no longer only for wealthy people trying to protect their assets. Nor are they only for second marriages where both spouses have homes and other assets they want to protect for their children's inheritance. Today many couples are entering marriages with real estate, and pension plans they want to hold onto in case the marriage doesn't work out. Here are some tips you may want to consider when preparing your agreement: 1. Be positive-A prenuptial agreement does not mean that your future spouse does not love or trust you. Many couples with agreements have long and happy marriages. 2. Both partners should have their own lawyers 3. Discuss with your fiance what you want the agreement to cover before you head to your respective lawyer's office. 4. NEVER involve family or friends unless the agreement pertains to them. What should I put in my agreement? Don't sweat the small stuff such as TV's and computers. Focus on the main issues: 1. Present Investments- stocks, bonds, real estate, 2. IRA's, 401k's, and family trust funds 3. Family Business- If you own a business or expect to inherit one, you might want to specify that these things will not be considered marital property. 4. You may want to specify that any family heirlooms you own (or expect to) such as, jewelry, or antiques will remain in the family should you divorce. 5. If either or both of you have children and personal assets, your agreement should protect each child. 6. Any future inheritances you expect to receive should also be protected. Your agreement should specify that these items are outside the marital property. 7. Some couples even include lifestyle issues in their agreement such as children, how to handle savings, and even household tasks. Although lifestyle issues probably will not hold up in a court of law, it may be beneficial to write down your expectations about your life together to make sure you and your future spouse are compatible. |
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