Getting married is a major life event that’s also very emotional. Some people don’t like to think about the possibility of the marriage ending, but that’s a stark reality for many couples. Because of the possibility, it’s critical that anyone who’s considering marriage remembers that both parties should take steps to protect their own interests.
One way that you and your betrothed can protect your own interests is to enter into a prenuptial agreement. This isn’t saying that your marriage won’t last, but it’s setting up a safety net in case something happens.
What should you include in it?
A prenuptial agreement must be balanced, so it can’t overly favor either individual. It can include provisions that outline which assets are considered separate property and how those will be handled if there’s a divorce. The prenup must include a comprehensive view of the finances of each party.
Prenuptial agreements can’t include certain things, such as terms for child custody or child support. Both of those areas would have to be set at the time of a divorce based on the best interests of the children.
When should you sign it?
Both parties have to have time to review the prenuptial agreement before they sign it. They can’t be rushed or pressured, so this isn’t something to do right before the wedding. Instead, it must be discussed with enough time so both parties can consult with legal representation.
Presenting a prenup is sometimes thought of in a negative manner, but it should be thought of as a way to ensure complete financial transparency. Working with someone who can assist with ensuring the terms are set properly may be beneficial for anyone who’s engaged.