What to Consider for your Prenuptial Agreement – Part 1

The use of prenuptial agreements is on the rise. With many couples facing their second or third marriage and the idea of blending their families, having a martial contract provides them with the peace of mind they need to walk down the aisle again. If you are considering a pre-marital contract, consider the following factors:

Assets & Debts

Take inventory of what premarital assets and debts each party has and think about how those will be handled. Do you want them to remain separate property or will they become marital property? If you are jointly working to pay off one party’s debt, will the paying party be entitled to reimbursement or is it a gift? Addressing these types of questions early on will prevent many arguments down the road.

Assets & Debts Acquired after Marriage

You will begin accumulating assets and debts as a couple, so you should have a strategy for how to handle them. Typically, there is one “spender” and one “saver” in the couple. Before you merge your finances, you should think about an arrangement that will prevent fighting over money. For example, who will handle the finances and paying bills? Will you have a joint checking account? Will you each contribute to savings and retirement?

Credit Ratings

To ensure you know exactly where you both stand financially, each party should pull their credit report. You do not want to be surprised by poor credit, delinquent taxes or other issues. Finding out where you each stand will help you create a plan for your future credit.

Employment

It is important to consider whether your future spouse has the same work ethic as you. Does your future spouse want to stay home and raise children? What happens if you lose your job or you become disabled? These types of discussions are important to have at the beginning of your marriage so you both have the same understanding from the start.

If you are engaged and interested in creating a prenuptial agreement with your future spouse, or you need assistance with other family law matters, call the knowledgeable attorneys at the Men’s Divorce Law Firm. Our office is located in Orlando, Florida, but we proudly serve husbands and fathers across the State. The firm also serves men out of state with child custody interests in Florida.