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Don’t forget these details in your prenuptial agreement

When you and your partner are planning a wedding, you are probably paying attention to the small details as well as the big picture. The big picture is obviously important, but it’s the details that hold everything together.

You and your future spouse should also consider the details when you are creating your prenuptial agreement. Prenuptial agreements can address very big things–the house, the car, the bank accounts–and they can also take care of small things that are often overlooked. These are a few of the details that you will not want to forget when you are drafting your prenup.

Avoid paying debt

Many people do not know that prenuptial agreements can address debts as well as assets. If you or your partner has debt, a prenuptial agreement can specify whose debt is whose and which spouse is responsible for paying it. If your prenup does not cover this, you could be stuck paying your spouse’s old debts.

Protect your pet

If you and your partner divorce, who would keep your furry friend? This is an unexpected but very emotional question that many couples face. When deciding who will keep a pet, the court will consider who originally adopted it, who cared for it and who paid its expenses. If you include a provision in your prenup stating that you get to keep the pet after a divorce, the court is far more likely to award the animal to you.

Gift-giving

Typically, any gifts that spouses give to each other during the marriage are considered marital property. That means that you will have to figure out how to divvy them up when dividing your property in a divorce settlement. Marital property can include everything from birthday cards to your diamond engagement ring. However, there is a way to ensure that any gifts your partner gives you are considered your separate property: Include this stipulation in your prenup.

Tags:
  • Divorce And Financial Issues