It is not unusual to feel some stress in bringing up the idea of a Prenuptial Agreement with your partner. However, if you approach a Prenuptial Agreement as a way to discuss your future financial life with your soon to be spouse this can help you start your married life with some basic agreements about your finances.
The process of discussing the contents of a Prenuptial Agreement will help you to discuss issues you may not have thought about, which can lead to less friction over finances throughout your marriage.
Where to Start With a Prenuptial Agreement
It is a good idea to create a list of all of your assets and all of your debts.
An asset and liability list for each person must be included as part of a Prenuptial Agreement so you might as well begin by looking at the assets and debts you are each bringing to your marriage. Then, you will make decisions as to what you plan to keep separate during your marriage and the types of assets (including salary, retirement, investments, real estate, savings, etc.) that you plan to share in the event you separate in the future.
There are many questions to consider such as…
- What happens if one of us puts more toward a down payment and closing costs for a home than the other?
- What will happen if we separate?
- What if we live in a home that is titled in only one of our names and we both pay the mortgage and bills?
- And many other questions.
Starting your marriage out by discussing these types of issues in advance really can work to ease the financial tensions that can arise during marriage. Even though it may be difficult to begin the conversation, it can help ease not only a financial discussion but can help you learn how to work together to resolve other issues that arise during marriage.
These are all important questions and ones that are best discussed with a Prenuptial Agreement and family law attorney who has the knowledge to be able to answer all of your questions and to help you navigate the drafting of a Prenuptial Agreement that is fair to both of you.