Of course, planning the wedding itself isn't the only task ahead of couples planning to get married. O'Donnell Law Center is here to remind you of another important task to address as you prepare to enter into a new marriage.
Building A Prenuptial Agreement
If you are getting married in the near future, consider establishing a prenuptial agreement. This agreement sets the basic ground rules for which of your assets and liabilities will be shared and which will be kept separate. It helps outline how assets and liabilities will be divided in the event of a divorce, which can be especially valuable in relationships where one of the spouses enter the marriage with significantly greater wealth or debt.
The prenuptial agreement can also serve as a precursor to an estate plan, providing general guidelines for passing assets if something unexpected were to happen.
Building A Prenuptial Agreement: Questions To Ask Yourselves
In order to ensure you are building a prenuptial agreement that will protect you, it's important to ask the right questions. Here are some sample questions to get you thinking along the right lines.
- Which assets do you want to manage jointly as marital property, and which do you want to keep separate?
- If one of you has significantly greater debt, do you want to share financial responsibility for this debt going forward?
- How do you plan to save and/or invest the money you and your spouse earn?
- Who will be responsible for covering the primary household expenses?
- If you experience serious conflict in the future, what strategy will you use to overcome it? Will you use the services of an independent third party? If so, whom?
- Is there someone you are confident you want to inherit your assets upon your passing other than your spouse? (Children from a previous relationship, example.)
These are just a few examples of the types of questions you should ask yourself as you prepare to enter your new marriage. Even if you don't plan to establish a legally binding prenuptial agreement, it is still important to have these kinds of open, honest conversations, as being able to talk about challenging topics is a key component of any successful marriage.
Draft Your Prenuptial Agreement - Contact O'Donnell Law Center For Assistance.
Many couples dismiss the idea of building a prenuptial agreement based on the standpoint that it is unromantic. Preparing to get married should be exciting, and preparing for the possibility of divorce doesn't exactly help set the mood for a lifetime of happiness.
While it's true that preparing to enter your marriage together should be fun and exciting, it is still important to ensure that you are protected. Think of the prenuptial agreement as an opportunity for you to look out for yourself now, so that you don't have to worry about it later.
If you are considering entering into a prenuptial agreement at the Lake of the Ozarks, we hope you'll consider contacting our family law firm in Osage Beach for assistance. Our experienced team members will be able to help you along every step of the process, enabling you to establish a well-rounded agreement.
For more information about our family law services, visit our website or call us at (573) 552-0317.
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Phone: (573) 552-0317
O'Donnell Law Center, LLC
Osage Beach, MO 65065