Getting married is an exciting time in anyone’s life. It can be a mix of nerves and excited as the wedding date gets closer and closer. Leading up to the wedding, things can get busy with last minute arrangements, finalizing the guest list and making sure the day goes as smoothly as possible.
However, one thing that people often overlook is getting a prenuptial agreement. Even if you are not sure you and your partner want to get a prenup, getting on the same page is essential for a happy, healthy and supportive marriage.
Whether you decided to get a prenup or not, having a conversation about you and your partners future together is important.
Should I Get A Prenuptial Agreement?
There are many situations where you should consider getting a prenup. These include:
- There is a large difference in income.
- You are remarrying.
- You own a business.
- Your or your partner has significant debts.
- One of you plans to quit your job to raise children.
- Reinforce your estate plan.
It is always a good idea to discuss with your partner these situations and how it will impact the other partner.
What Should Be Included In A Prenuptial Agreement?
There are strict rules regarding what can and cannot be included in a prenuptial agreement. He are some things that you should include in your prenup:
- Each partners separate and communal property.
- Saving and spending strategies including investments and retirement.
- Financial obligations during the marriage including how expenses will be managed and who is responsible for paying the bills.
- Who is responsible and liable for debts incurred.
- Outline the property rights of children from a previous marriage.
- Protection of family property such as heirlooms.
- An estate plan that will be carried out according to the individuals wishes
- Property settlement in a divorce proceeding.
- Child support and spousal maintenance should the marriage breakdown.
Do It Yourself Prenups: Can You write Your Own Prenup?
Generally speaking, you can write up your own prenuptial agreement.
If your marriage does, unfortunately, break down a prenuptial agreement will save you time, money and emotion stress throughout the divorce period.
To make sure that you have the best possible financial arrangements between you and your partner make sure:
- You don’t leave it to the last minute. Give yourself at least 30 days before the wedding to finalise the prenup.
- Make sure the prenup is precise and you have a plan for most potential situations.
- Make it fair for both parties involved.
- Make sure you and your partner get independent legal advice from separate lawyers.
- Keep the prenup continuous updated.
If you follow these tips, it will ensure that you will have a thorough prenuptial agreement.
How To Get A Prenuptial Agreement
To ensure that the prenuptial agreement is legally binding, it should fulfill the following criteria:
- Be signed by both your and your partner.
- Contained a statement that both of you obtained independent legal advice.
- Include a signed statement by each of your lawyers stating that advice has been given.
- A copy of the prenuptial agreement has been given to both partners to keep.
Here is an excellent prenuptial agreement checklist for both you and your partner to go through together. Below is also five pitfalls to avoid if you want to have a calm, open and honest conversation about your future together.
Do You And Your Spouse Have A Prenup?
What advice would you give an engaged couple who are looking to tie the knot?