A Prenuptial Agreement Starts The Process Of Marital Financial Planning

A prenuptial agreement may not seem very romantic to think about signing, but there are several reasons why a premarital or prenuptial agreement is a good idea for couples who are getting married. The Family Law Practice at Levy Craig can help with a prenuptial agreement before your big day.

 

A prenuptial agreement will open the door for couples to discuss important financial issues and their personal expectations of how financial responsibilities are shared before their wedding.  Having these discussions early in a couple’s engagement helps each party reduce their financial worries about losing their premarital savings or getting married to someone who might not share their personal financial values. 

 

It also requires each party to share the state of their finances, such as their income, what their assets are and the value of those assets and the extent of their debt. Premarital agreements start the process of marital financial planning which is an important part of any strong and healthy marriage. What could be more romantic than a happy, healthy marriage where both parties feel financially secure?

 

Questions commonly asked include:

 

It is recommended for each party to hire legal counsel to explain what might happen if the marriage ended and there was not a agreement.  Having an experienced attorney assist you with creating and negotiating a premarital agreement is also helpful because there might be some issues you didn’t think about.  For example, should the agreement last forever?  Or, should it become null and void after you have been married for a lengthy period such as 20 years?

 

Typically, couples have an estate plan prepared to explain what should happen to the surviving spouse but there can also be provisions in the agreement for the death of a spouse.

 

Full disclosure is essential to the enforce ability of a prenuptial agreement.  It will be necessary for you and your spouse to prepare a financial statement listing each of your assets and debts.  These statements will become part of the prenuptial or premarital agreement so it is clear that nothing was left out and each of you have signed the prenuptial or premarital agreement freely and voluntarily.

 

The Levy Craig family law team makes client satisfaction, good communication and strong, effective advocacy a top priority. To schedule a consultation, call the Family Law Practice at Levy Craig at (816) 454-7474.