Your wedding day is upon you, and you know that last-minute details are always the hardest thing to tie up. The one thing that you do not want to do on a last-minute basis is finalize the details of your prenuptial agreement. This is a very important agreement that many couples are seeking so that they can protect themselves and their partners in the event that they get divorced.
While it is recommended to discuss your options with your lawyer, there are a lot of details that you can start to finalize on your own, and then bring to your lawyer to add into your final agreement.
Instead of going to your lawyer unprepared, work through this checklist and ensure that all of the fine details are already available.
Assets and Debt
You’ll be required to make a very detailed list of your assets and debts when you enter into a prenup. Both you and your spouse will have to agree to full disclosure of all of your assets and debts, and you’ll need to make a few decisions in regards to these debts and assets:
- In the event of a divorce, what will happen to premarital assets and debts?
- Will property be commingled? Will any of these assets remain as separate property in th event of a divorce?
- If a spouse’s premarital property is utilized for purchases, school loans or paying debt, will the other spouse need to reimburse the spouse in the event of a divorce?
All of these questions need to be answered and put into your prenuptial agreement.
Marriages will accumulate property and debts. You need to determine how assets and debts will be divided if a divorce occurs. A few questions that you need to answer include:
- How will income and assets accumulated together be handled?
- Will the assets accumulated be jointly shared 50/50?
Asset and Income Management
A prenuptial agreement can also determine which spouse will be in charge of managing assets and income. A few questions that can help solve these issues, include:
- Who will be in charge of making financial decisions?
- Will both spouses make financial decisions together?
- Before a major purchase, does your spouse have to get your approval?
- Who will pay household bills?
- How will each party contribute to your long-term financial goals?
You can also have other clauses put into your prenuptial agreement that deal with:
It’s important to remember that a prenuptial agreement needs to be valid within the guidelines of your state’s laws. Oftentimes, couples attempt to create their own prenuptial agreement only to find out that they have skipped a vital step that is required by the law to make their agreement invalid.
This checklist is by no means extensive, but it does include many of the questions that need to be answered prior to getting married.
Your lawyer will be able to help you work through other questions and concerns before a prenuptial agreement is finalized. If you have assets, a business, high debt or children from a previous marriage, it is recommended that you consider getting a premarital agreement written up on your behalf.
The Micklin Law Group, LLC is a New Jersey law firm specializing in family law and estates. Attorney Brad Micklin was recently named to The National Advocates list of Top 100 attorneys from each state. To set up a consultation, call 973-562-0100.