While you may be ready to say "I do," and spend the rest of your life in wedded bliss, you may find that your soon-to-be spouse wants to talk about signing a prenuptial agreement before he or she strolls down the aisle. Here are some questions you should know the answers to before your marriage license formally binds you two together.
1. Do you need a prenup? A prenup has long been thought of as a document that only the wealthiest of couples really needed. Today, though, more and more couples are turning to prenups in order to protect assets they are each bringing into the marriage, a business owned by one spouse or children from a previous marriage or relationship.
2. Should you really tell your mate about all of your assets? If all assets are not disclosed in the prenup, then it could be deemed invalid. Both parties should disclose:
-- Bank accounts
-- Security accounts
-- Income tax returns
-- Real estate information
-- Outstanding loans
3. Are children in your plans? Perhaps you want a large family. Maybe you haven't even broached the subject at all. Now is a good time to decide how you want your assets to be split among your kids. If this seems like an impossible task right now, then you can revise the prenup in the future.
4. Do you want to keep your business? If you have a business that you want to protect, then a prenup is a good way to do so. However, you should make sure that the specific protection you need is outlined in the document.
5. How's your credit? A marriage is a partnership. This means that your credit score and your spouse's credit score could harm or help the other person's. A prenup can help you avoid being responsible for your spouse's debts in the future. Each debt needs to be addressed in the prenup, including who is responsible for it if you two divorce.
While a prenup is not the most romantic thing you can discuss, it can help keep you both on the same page should your marriage end in divorce.
Source: tgdaily.com, "6 Questions to Ask Before Signing a Prenup," Craig Ellison, accessed June 02, 2017