Considerations When Filing Pre or Post Nuptial Agreements
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While most people view marriage as a romantic relationship, having some kind of formal written agreement stating how you’ll both deal with difficult situations is a good idea. If you write this before the wedding, the document is called a pre-nuptial agreement (often shortened to pre-nup). On the other hand, a marriage contract written after the wedding is called a post-nuptial agreement or post-nup. In this article, we’ll look at five of the most important areas that these formal relationship contracts will have to contain.
Debts & Earnings
Money is one of the most common areas of difficulties for any married couple. To prevent ugly disagreements or even divorce, you should think about how you will both manage your finances in a fair manner. Make sure to answer the following:
- How will you cover your mutual debts?
- What about money borrowed before the marriage?
- Who earns what and how will you split this?
- What financial support is provided if you separate?
- How will you budget for married life?
As you can see, there is plenty to discuss with your partner. The good news is that creating a pre or post nup will force you both to talk about your finances. By getting the formalities out of the way early, you won’t be stuck in a difficult situation later on.
Roles & Responsibilities
Since marriage starts out as a lifelong partnership, you’ll need to specify who does what when it comes to taking care of each other. What are your roles within this long term relationship? Lay down the rules from the word go and you’ll then have a much easier time as each of you will know precisely what your responsibilities are. Again, this will help you avoid arguments in scenarios where you both feel the other party should put in more effort.
Property & Assets
Coming back to your finances, you should also discuss any assets that you have, in particular who owns them. For example, if you have bought property prior to the marriage, who now legally owns it after getting married? What about assets such as real estate and shares you’ve purchased after the wedding? To avoid any ugliness, the best housing lawyers in London can help write up these nuptial contracts. They will include all necessary legal terms so that ownership is clear whether you are happily wed or you wish to divorce in the future. In this way, everyone will be satisfied when it comes to the assets that they own.
Children & Stepchildren
One of the main amendments that you may have to make to your post or pre-nup is how you deal with any children that you have. This is also important if you marry a person who already has kids of their own. In both cases, you’ll need to consider the following:
- During the marriage, how will you both take care of the kids?
- In the event of separation, what will child support be?
- If you have stepchildren, how will the inheritance be handled?
Since this relationship now includes more than just two individuals, you will have to ensure everyone is taken care of in your pre or post-nuptial agreement. This contract is also useful for clearing financial concerns with adult stepchildren who hate you. By stating everything down on paper, you can defuse a host of explosive situations between you, your partner and any young or adult sons and daughters involved.
Illness & Death
The last important matter that you will need to include in these marriage contracts is what happens if you or your partner fall ill or die unexpectedly. In this case, you’ll need to discuss taking out long-term insurance (including disability coverage) and allocating power of attorney in case either of you isn’t mentally fit to make important decisions anymore. Finally, in the event of your death, what happens to your inheritance, do you have life insurance, and have you written a will? All of these important matters will have to be sorted out now to avoid confusion later on.
This covers the basics of writing a pre or post-nuptial agreement. By covering all bases, you and your partner will know exactly what to expect regardless of what happens in the future.
About the Author:
GT Stewart is a leading law firm that receives referrals from other agencies regularly. They have a team of housing lawyers in London that can also handle family law cases and others.
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Category: Family Finances
