As you and your beloved attend to all the details inherent in a Kentucky wedding, probably the last thing on your mind is a prenuptial agreement. Admittedly, you have far more reason to want to think happy thoughts about wedding and bridesmaid dresses, tuxes for the groom and groomsmen, the perfect venue, flowers, your guest list, etc. However, given that the U.S. divorce rate has held steady at around 50 percent since the 1980s, you should not ignore the potential reality of your marriage ending in divorce. Drafting and signing a prenup now could save both of you a good deal of anger, frustration, acrimony and heartache in the future.
As its name implies, a prenuptial agreement is one that you and your soon-to-be spouse enter into prior to your marriage. Once considered the purview only of wealthy couples seeking to protect their respective assets, prenups today are a practical way for couples of all economic strata to set forth the financial “rules” they both agree to follow once married.
Common prenup provisions
While your prenup can cover whatever financially-related matters you may wish it to, you may want to consider including some or all of the following:
- A list of the property that each of you now owns, with the provision that such property will remain the separate property of each spouse
- If either of you has children from a previous relationship, how (s)he will provide for those children during your marriage
- How you both intend to handle your respective credit cards and the debts they represent
- How you both intend to handle your respective retirement accounts, 401(k)s, etc.
- How the two of you will own and operate any joint business you start or already own
- How the two of you agree to divide your marital property in the event of a divorce
Prenup no-nos
Remember, your prenup can cover only financially related matters, not personal ones. For instance, it cannot specify which of you will do which household chores, how either or both of you will raise your children, or anything else of a personal nature.
Despite your possible hesitancy to bring up the subject of a prenuptial agreement with your beloved, fearing that (s)he may think you do not trust him or her, a prenup can be one of the most loving things each of you does for the other. After all, it simply ensures that both of you will be financially protected regardless of what the future may bring.