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Q: Should I Get a Prenuptial Agreement ?

A:

While entering into a prenuptial agreement is a matter of personal choice, it is becoming more and more common because of the valuable time and money it can save if a marriage ever dissolves.

 

There are a number of things that can be included in this contract. It is primarily used to clarify property rights and keep the court from distributing your assets in an arbitrary manner in the case of divorce or death. This is especially useful if you want to protect the entitlements of any children you have from a previous marriage.

 

All assets must be disclosed in order for the prenup to be valid. This includes real property, cars, stocks, retirement funds, bank accounts, business ownerships, and valuable personal belongings. Since creditors can come after your joint property to collect on either spouse’s debts, you should include a clause that limits your liability for any debt your spouse may be carrying.

 

A prenup can also be used to specify other monetary duties such as: how you will file your tax returns, who will pay the household bills, how you will manage your bank accounts, agreements on the use of credit cards, what types of savings you will have, and whether you will support each other’s education. Notice that these all pertain to financial matters. Your prenup can be rendered invalid if it includes non-financial issues such as who will do the chores or how you will raise children.

 

It may not be the most romantic thing to discuss at the pinnacle of your wedding planning bliss, but it is better to have this financial discussion as early on as possible. Whether you think of it as insurance or as a business contract, it does not have to interfere with your love or commitment to one another.

Article: weddingchannel.com






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