If you and your fiancé are already having disagreements on how to spend money, what to do with money that is saved, and more, it may be time to talk with a family lawyer about a prenuptial agreement. This can help you go into your marriage without complications and with realistic expectations.
Financial problems can put a lot of weight and struggle on a marriage. Discussing financial concerns beforehand can help eliminate some of these issues. Here are a few things to discuss with the lawyer and with your spouse.
Division of Earnings
Some couples choose to keep their finances separate even after they wed. If this is something that you want to do, you will need to go over your financial obligations and what you want each person to pay in the future. If one person makes significantly more money, then the lawyer will draft that they have more financial obligations in the marriage. This will mean filing taxes separately, having separate bank accounts, and more.
Employee 401k contributions, previous savings accounts, trusts, and other sums of money may be financial concerns for one party going into the marriage. If you are worried about this, or your spouse could be, you can outline that what was already in the accounts belongs to that person solely even after the marriage, and will be given to them after a divorce.
The prenuptial agreement is usually composed so that there aren't complications when they get divorced. With the lawyer's help, you will decide who gets what assets, what arrangements will be made with children, and how the division of money will go. The lawyer will prepare everything, do the negotiating and help you and your fiancé come to an agreement. This will make divorce much easier if that ever occurs down the road.
Financial honesty before the marriage begins can be a great way to start a marriage, and you can be able to know what is in store for you if you decide that you want to get a divorce in the future. You can find out about debts, savings, and other financial information you may not have known about with your fiancé when you sit down and do a financial evaluation before the meeting starts. It can be difficult to tell your future spouse that you want to have a prenuptial agreement, but protecting yourself may be the best thing in the long run.
To learn more, contact a prenuptial agreement lawyer in your area.