If you are getting married in Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin, laws around your money and property work a bit differently than every other state in the United States. Namely, they take the vow, “what’s mine is yours,” very seriously. If you’re a millennial getting married for the first time, you may have some debt, some assets, and some ideas about how you want your life to go. Your prospective spouse may have the same. Given these realities, it’s helpful to understand prenuptial agreements, where they are valuable and some major financial considerations in setting up the agreement.
It’s About Boundaries, Expectations, And Honesty
A prenuptial agreement is a legal contract between two people, signed prior to marriage. It outlines responsibilities, rights and expectations both during the marriage and in the event of divorce. As with any legal contract, you’ll want to consult a qualified attorney to set up an agreement.
Most people I know marry in hopes that they will succeed and eventually fulfil the “’til death do us part” portion of their vows. Hopefully, if you’ve agreed to enter a marriage, it’s with someone you trust, have healthy boundaries with, have discussed expectations with, and can be totally honest with. In fact, a prenup requires full disclosure and consent to even be valid.
Marriage is a legal contract but isn’t exactly tailored to the individual couple; it’s a pretty cookie cutter deal. Prenups, on the other hand, are legal contracts entirely designed for your unique boundaries and expectations as a couple. And yes, if you end up parting ways with a valid prenup in place, it provides guidelines for a seamless disentanglement.
Prenups And Your Finances
Oftentimes, I see people opt for a prenup and/or a clear division of assets on a second marriage. This is usually the result of having been on the wrong side of a contentious divorce or being attached to a…
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