Steps for Planning Your Prenuptial Agreement

 Posted on June 05,2015 in Divorce

With divorce rates in the United States on the rise, it is no coincidence that more and more couples are choosing to look into prenuptial agreements before getting married. While it was once thought that prenups were only necessary for celebrity couples or couples entering marriage with significant amounts of money, today, that is not the case. Exploring a prenuptial agreement with your partner before your wedding day can help ease stress in your relationship and provide financial peace of mind for both you and your future spouse.

Is a Prenuptial Agreement Necessary?

The first step in deciding whether a prenuptial agreement is right for you and your future spouse or not is to examine your assets. Make a checklist of both you and your future partner's finances. Explore both you and your partner's positive financial assets, but also any debts. As the average age of first time newlyweds increases, the likelihood that your future spouse could be bringing some debt to the table is significantly higher. While making your financial checklist, make sure to note things like:

• Property;
• Credit card debt;
• Student loan debt;
• Inheritance; and
• Earning potential.

A prenuptial agreement can help you and your future spouse untangle the potential mess of combining finances. Bringing debts and financial assets into a marriage can be stressful, but proper planning before hand can ease any future tension.

Tips for Planning Your Prenup

The most difficult part of broaching the subject of a prenuptial agreement with your future spouse is most often the emotional issues involved. Experts say, however, that with enough forward planning, this does not have to be the case. Below are a few tips for successfully planning and completing a prenuptial agreement:

Plan Ahead - have the conversation with your future spouse about each of your financial situations long before your wedding date. Allow for ample time for planning and review by both sides before the final commitments are made.

Research - understand your individual state's laws on marriage and property. These differ from state to state.

Make the agreement clear and reasonable - make sure that both you and your spouse have a clear understanding of your agreement and an understanding of the outcome of a possible future divorce.

Exploring a prenuptial agreement with your future partner can be a daunting task. Speaking to a qualified Wheaton divorce attorney can help ease stress and guide you through the process. Contact the law offices of Stock, Carlson, Flynn and McGrath, LLC at 630-665-2500 to speak to an attorney.