If you're about to get married, you might be concerned about what will happen if things don't go well.It is possible that your partner will interpret your contingency planning as a sign of pessimism or distrust.A proper premarital agreement can save you from a messy divorce and give you valuable insights into your partner's finances.It is possible to draft your own prenuptial agreement if you and your partner want to.
Step 1: Understand what a premarital agreement is.
A prenuptial agreement is a legal contract that outlines what each person will take out of a marriage if it ends in death or divorce.These decisions are usually made by the state in which you live.The decision on this matter is in the hands of you and your partner.
Step 2: If you and your partner have different financial situations, consider a prenuptial agreement.
If you make more money, have more assets, or have less debt than your partner, it is in your best financial interest to get a premarital agreement.A prenuptial agreement can help ensure that you retain ownership of your assets if you receive a large inheritance.A premarital agreement can protect you from your partner's debts.If you do not currently have any major financial assets, but expect to earn an increased amount of income during your marriage, or if you are pursuing an educational degree in a highly lucrative profession, you should still consider filing a prenuptial agreement.
Step 3: If this is not your partner's first marriage, consider getting a premarital agreement.
The expenses for children from previous marriages can be outlined in premarital agreements.In this situation, an agreement can be useful to make clear who will be responsible for providing for the children in the event of death or divorce.Regardless of the existence of a prenuptial agreement, certain expenses, such as paying for college using federal financial aid, still require both parents to be financially involved.
Step 4: If you or your partner own a business, consider getting a premarital agreement.
There are two purposes for a prenuptial agreement in this situation.If the marriage ends, it can protect the assets of the business owner.It can protect the person who doesn't own the business from being held responsible for the operations of that business.
Step 5: Hire an attorney.
Prenuptial agreements need to be drafted professionally in order to not run afoul of state law.It's very important that you and your spouse.It will be seen as a conflict of interest if both parties are represented by the same attorney.Ask your friends and family for recommendations to find an attorney.If they don't have any recommendations, you should look at your state bar's website, which will often have a lawyer referral service or a list of qualified attorneys.When choosing an attorney, look for one who specializes in marriages and premarital agreements.Once you've found some potential candidates, sit down with them for an initial consultation.You should ask the attorney about their experience dealing with prenuptial agreements during the consultation.Make sure you are comfortable with them.Make sure you get your fee arrangement in writing when you hire an attorney.
Step 6: Have a discussion about finances with your partner.
You and your partner should talk openly about your finances, and what will happen to each person's money and assets once the two of you are married.If you get this information out in the open, you will have a strong foundation of trust for your marriage going forward.Discuss all the financial issues that may affect your future marriage, including: current assets and debts, credit ratings, shared expenses, whether you and your partner will maintain separate bank accounts, and whether one of you will stay at home."Hey, so I was looking over some bills today, and I realize I still have a ways to go in paying off my student loans."What do yours look like?
Step 7: You should have this conversation as soon as possible.
To give both you and your partner plenty of time to be honest with each other and reach an understanding in a calm, logical manner, it is best to have this conversation well in advance of the marriage.It's important to let your partner know that you're thinking about it even if you aren't sure about the terms.When you're already talking about money, it's a good time to bring it up.Discuss a television show, movie, news story, or divorce that someone you know is going through: "What a mess."You should be able to keep what you had before you got married.What do you think?One way to broach the subject of a prenuptial agreement is to include a discussion about your finances and how you will support each other during the course of the marriage.I want to keep that separate from our finances so we can use it if one of us gets sick or as a college-fund for our future children.We don't have to worry about saving as much.What do you think?
Step 8: Don't let the conversation get boring.
Prenuptial agreements focus on how to handle certain finances: the income each partner makes before marriage, prior assets, property acquired during the marriage and how you will support each other.Sitting down with your partner and planning your financial future as a couple, which includes both past, present, and future assets and income, is a better way to broach the topic of divorce.You can discuss this subject as something you are doing together for the benefit of both of you and any children involved, rather than as a contingency plan in case your marriage fails.I have student loans that I will have to pay off over the next ten years, so I focus on reasons other than a possible break up for the reason you want the agreement.I have money saved up that I would like to keep separate from our finances in case I ever need emergency funds to make payments.I don't want you to be responsible for my debt.Does that sound good to you?The services of a mediator can be used.This will allow you and your partner to sort out the details without the formality of a lawyer present.
Step 9: You should be honest.
It's important in a healthy relationship to be able to discuss your fears and concerns, even if it isn't the most romantic conversation you've ever had.emphasize your vulnerability if you anticipate your partner getting defensive.Don't get defensive yourself.It is almost certain that both of you work hard at what you do, even if you make more money.It's not the commitment or marriage that you're questioning, but the legalities of the "contract" you are signing when you get married.You don't agree with your local marriage/divorce laws and want to draft your own version to fit your needs.Encourage your partner to think about their own future as well.Keep the tone light.You two are in love.We're both gainfully employed, which is a big change from the days I was delivering pizzas and living off government food.Now that the universe has decided to give me a win, and I'm making good money, I want to set aside some money for my parents.Would you be okay with that?
Step 10: Your partner should agree to a pre-marital agreement.
You should have a good idea of your partner's willingness to commit to a formal legal agreement when you talk about your financial situation.You will want to get your partner to understand that the legal agreement doesn't affect how you feel about them.I don't want you to be responsible for money I owe you before I met you.This document will make sure that happens.You can put money aside for things that come up in your life.It's not because I don't trust you, I just want to make sure our parents and children are protected."We're starting this life together, I'd just like to have a financial plan in place so we know exactly where we stand now and what we need to do to achieve our mutual dreams."I'd like to start with my money now that we're together.If your partner remains reticent, you will have to assess the benefit of pushing them against the cost of alienating them or starting your marriage off on the wrong foot.
Step 11: List each person's assets, debts, income, and expected future gains.
All relevant financial information should be fully and accurately disclosed by each person.If you don't tell each other the truth, they could challenge the validity of the prenuptial agreement in court.This information will be used to draft a prenuptial agreement.Inform when it doubts.
Step 12: You should research your state's laws.
Prenuptial agreements are allowed in some states, but not in others, and what types of things can't be included in them.You can't include restrictions on child support, custody, or visitation, giving up rights to alimony, and rules about non-financial matters in a prenuptial agreement.
Step 13: Provide a description of your assets.
In the event of a divorce, this will help identify each asset in a court of law.You should include locations and addresses of all your properties, bank account names and numbers, the make, model, and year of any vehicles you own, as well as explicit descriptions of valuable belongings in your possession, such as cuts of diamonds on jewelry, or the names of artists for paintings you
Step 14: You should enter any debts you have into the agreement.
If the agreement is challenged in court, both parties must reveal their financial assets and debts.
Step 15: Define the property that is separate.
The property and assets of each person will be brought into the marriage.The property that will remain in the sole possession of the original owner if the marriage ends should be identified in your premarital agreement.If the value of your collectible car appreciates dramatically in value over the course of the next ten years, you should consider what will happen.When referring to an asset, be specific.There should be no confusion about the property that the agreement refers to.You should include assets or provisions that only deal with finances and property, such as businesses, vehicles, homes, valuable jewelry, antiques, properties you own, savings accounts, stocks, and inheritances.If you keep separate property in the original owner's name during the duration of the marriage, you may be able to get around the premarital agreement.The property listed on Schedule A as partner 1's property and the property on schedule B as PARTNER 2'S property, which schedules are annexed hereto and made part hereof, shall be considered the Parties' Separate Property.Each person's property would be detailed in attached documents.
Step 16: The property will be shared.
The property that will be shared between both partners during the marriage can be identified after you have decided which property to keep separate.This is the property of a married couple.If the marriage ends, assets acquired over the course of the relationship will be divided.The Marital Property is all property acquired during the marriage until the occurrence of a Termination Event.Specific property that will be kept separate is set forth in the previous section.
Step 17: Define how debts will be paid in the future.
What will happen to the debts that either person brings into the marriage?The agreement can provide that a person is solely responsible for debts he or she brings into the marriage, or that certain debts will be paid for with marital property.Debts incurred prior to the marriage will remain separate obligations of that party.The responsible party will hold the other party harmless from their obligations.Existing obligations will be paid from the separate property of the responsible party.
Step 18: Any financial support should be defined.
If a partner stays at home to take care of children, you can use a prenup agreement to figure out how the partner will make ends meet.It can show the financial support that will be paid to the other in the event of a divorce.In the event of a legal separation, divorce, or annulment, the parties agree to waive any rights to spousal support or maintenance of any kind to which either might otherwise be entitled.The parties agree that this provision can be entered as a complete defense by either party in response to an action for alimony.If this situation applies to you, it is a good time to include provisions relating to children from previous marriages.In the event of a divorce, the agreement can detail what support will be given to the minor children.
Step 19: What will happen to the residence?
In the event of a divorce, this is a particular issue.If the marriage ends, it will be helpful to decide what will happen to the home you share with your partner.Think about who will get it and how the proceeds of the sale will be divided.In the event of a divorce, the marital home will be put on the market for sale within a year from the date of the divorce and the net proceeds will go to charity.It is possible for partner 1 or 2 to remain in the residence up to one year after a divorce.
Step 20: How finances will be handled during the marriage is something that should be defined.
Provisions can be included in the agreement about how large purchases will be made, who will handle shared finances, and if you will maintain separate or joint bank accounts.
Step 21: How taxes will be dealt with during the marriage is something that should be defined.
You can state in the agreement how you and your partner will pay taxes.You can decide if you will file together or separately, and what will be done with pre-existing tax debt for which either person is liable.
Step 22: In the event of a divorce, how property will be allocated is a topic of discussion.
One of the major benefits of having a pre-marital agreement is avoiding arguments in the event of a divorce.The law of your state will decide how property will be divided in the event of a split.In the event of a Termination event, each party shall retain his or her separate property, and the other party agrees not to make any claim in or to such property.All Martial Property will be divided between the parties according to state law.Provisions relating to alimony can be included in the agreement, but not all states allow this.
Step 23: How long do you want the agreement to last?
The agreement doesn't have to last forever.You can use a "sunset clause" to specify a future date when the agreement is no longer valid.You can outline any conditions that relate to who ends the marriage and why.You can show how the agreement can be changed at a later date."This Agreement may not be amended or revoked except by an instrument in writing signed by both of the parties and acknowledged and witnessed with the same formalities of this Agreement."States are not likely to give much weight to any sections of a prenuptial agreement that mandate certain consequences for a person based on his or her degree of fault, like having an affair.
Step 24: The agreement should be fair to both people.
Pregnant agreements can be thrown out if they do not protect both people adequately.After you have drafted the agreement, make sure to keep in mind the following: Make sure each person has fully disclosed all assets and debtsMake sure that neither person coerced the other to sign, and that each person had enough time to fully consider the agreement before signing it.The agreement needs to consider each person.If the marriage ends, don't try to take advantage of the other person or leave them with less than they deserve.Make sure both people have a chance to read it before they sign.
Step 25: The premarital agreement needs to be made official.
A prenuptial agreement is a legal document and you need to meet certain conditions in order for it to be valid.Both you and your partner should sign it.One or two witnesses are required in some states to sign a document.If you and your partner want to get the document officially notarized, you should visit a notary public in person.You should have at least three copies of your records, one for each person and another to give to a third-party or save in a shared secure location.