Checklist for Prenups and What They Cover
Navigating the emotional landscape of divorce is tough, especially when financial issues were not resolved in advance. A prenuptial agreement is critical to protecting your assets and reducing uncertainties in the event of a divorce.
The American Bar Association (ABA) has published information regarding the potential issues that can be included in a prenuptial agreement. Discussing a prenuptial agreement might be uncomfortable, but it is essential to creating an appropriate agreement. The ABA checklist includes the following advice:
- Know what is contained in each other’s credit reports
- Decide whether the agreement includes an expiration or renegotiation provision
- Decide how you want to handle assets and debts in the event of a divorce, i.e., whether they remain separate property or be intermingled with marital property
- Determine how the marital property, or assets you accumulate during the marriage, are divided
- Decide what kind of property gifts from family members remain with the spouse who received them
Have a comprehensive estate plan in place soon after your wedding, especially if you have children from previous relationships. This way your assets and debts will be handled in the manner you prefer upon your death
A variety of other issues can be addressed in a prenuptial agreement, such as how you will handle a situation where one spouse pursues a degree, professional license or certification, and what your expectations are for raising children and working.
Given the dizzying array of issues these agreements can cover, it is best to seek the experienced legal advice of a New York family law attorney who can guide you through the often emotional and complicated process of creating a prenuptial agreement.