Brides and grooms getting married this year, no matter what their net worth, should consider whether or not a premarital agreement is something they want or need. Prenuptial agreements, although not romantic at all, can bring a certain level of understanding and responsibility to a relationship. While most of us do not have billions at stake if a divorce were to occur, there are still some important points to consider before getting hitched. A financial inventory of you and your future spouse will reveal if a prenuptial agreement is something that would be an appropriate action to take, or if it really just isn’t necessary at all.
Financial Inventory Checklist
Putting together a checklist of what each of you are bringing to the table is a great way to start. This list may include items like property, inheritance, businesses and even your individual earning potential. Listing out all assets may seem a bit exhausting, but it is a good idea in the long run. Just as important as listing what you do have, is listing what you do not have, like a positive net worth. You may be entering into a marriage that includes credit card debt, student loans, and even mortgage debt. With the age of individuals getting married in the United States getting older, there is a greater chance that individuals may have a hefty amount of debt before they even get married. If you and your partner do not have many assets and zero debt, then it is likely that you do not need a prenuptial agreement.
Financial Responsibilities of Marriage
In most cases, what you brought into the marriage remains yours; items like property or a ten thousand dollar credit card debt. However, when spouses begin to add one another to accounts and loans, this changes the responsibility of the debt significantly. When you combine credit card accounts or add the new spouse’s name to a property title, it is then that the responsibility becomes a shared one. Do not shy away from discussing money with your soon to be spouse. Deciding ahead of time how to handle specific financial responsibilities will save you confusion and frustration in the future.
Prenuptial Agreements, Legal Services & Attorney Representation in Houston, Conroe, Galveston, Sugar Land & the Great State of Texas
After evaluating you and your future spouses financial status and having determined that a prenuptial agreement would be a good idea, there are a few points to consider. First, be sure to get the prenuptial agreement finalized well before the wedding. Try stepping out of your emotions and thinking logically when going through the process of creating a prenuptial agreement. There are many points to consider when discussing a prenuptial agreement with your future spouse. Contact Dyer Libby Attorneys at Law today to have any and all questions answered regarding prenuptial agreements.