Understanding what a DC Prenuptial Agreement includes can be helpful in deciding if having one is right for you and your partner.
When you are planning to be married you may feel uncomfortable bringing up the topic of a Prenuptial Agreement with your partner/ fiancé. However, if you think about this topic as part of a positive conversation related to your “financial marriage” it can be a very good discussion the two of you can have in advance or your actual marriage. This can lead to less stress during your marriage.
You have the emotional part all set – after all, you have decided to get married!
Unless you have a Prenuptial Agreement that says otherwise, assets and debts accumulated during your marriage may be considered marital property and joint debt.
It may be hard to imagine a time when the two of you decide not to be together anymore in the future. However, it is important that you also focus on your financial marriage. This leads to less friction and stress about finances during your marriage. Deciding to have a DC Prenuptial Agreement opens up your discussions about your assets and your debts and how you want to arrange your finances during your marriage.
What topics are covered in a DC Prenuptial Agreement?
There are many issues that you can address in a Prenuptial Agreement. You can discuss how you want to treat your earnings, retirement benefits, and other assets along with your debts during your marriage and in the event you separate or divorce. It is important to think about whether you will equally share the equity in a home that you purchase or whether you will share it using another formula.
You (or a parent or grandparent) may be concerned about what will happen to an inheritance you receive or to financial gifts given to you during your marriage. There may be family businesses or trusts that need to be protected. The issue of spousal support/alimony will be discussed. If you have children from a prior relationship, you can protect assets for them in the future. These are all issues that can be addressed in a DC Prenuptial Agreement.