What happens in the future isn’t predictable. There’s always the case of unknown circumstantial outcomes. Based on the uncertainty of marriage it’s practical to have a backup strategy in case things don’t go according to plan. A prenuptial is a feasible backup plan.
A signed piece of paper and a ring on the finger isn’t a guarantee of a marriage lasting forever. From my perspective, those factors alone are reasons to sign a prenuptial. There are additional factors to consider, but first, consider the definition of prenuptial.
What is a Prenuptial?
An agreement made by a couple before they marry concerning the ownership of their respective assets should the marriage fail.
Couples enter a marriage with assets, debt or both, and in some cases no assets or debt is acquired until after marriage. Nevertheless, who inherits what, needs to be determined in case of a death or divorce.
Before signing a prenuptial consider how the following will be divided, or not
- · Property that each party brings into the marriage
- · Property attained while married
- · Inheritances put aside for children, if any
- · Family estates
- · Family heirlooms
If those decisions aren’t made before the marriage (no prenuptial) according to information on the “FindLaw website “upon separation by death or divorce, the court will separate all of the marital property evenly. In order to avoid a court deciding what happens to your property attained during your marriage, you can use a prenuptial agreement.”
What to include in a prenuptial?
According to the “FindLaw Website” the list of items below is commonly included in prenuptial agreements.
- · Separate business
- · Retirement benefits
- · Income, deductions and claims for filing your tax returns
- · Management of household bills and expenses
- · Management of joint bank accounts, if any
- · Saving contributions
- · Property distribution to the survivor, including life insurance in the event of death
- · Management of credit card spending and payments
Would I sign a prenuptial agreement?
Given the information above and on “FindLaw website“, it’s the logical, practical thing to do. However my choice would be based on what assets have been accumulated prior to marriage by one or both parties; what valuables, if any, are acquired after marriage, moral principles, etc.
I married into money, having no accumulated assets of my own. No prenuptial was signed, however, when the marriage ended I could have departed with considerable assets, but choose not to for personal reasons. Ultimately, some decisions aren’t determined until you’re actually in a situation and based on factors that occur as time goes on.
Sample of prenuptial