If you and your significant other decided to sign a prenuptial agreement before heading down the aisle, that means you’ve probably already spoken to a lawyer to help make sure you cover all the bases.
However, there are a few things that many people overlook. Read on to learn five tips for writing out your prenups.
Your Business Ventures
Are you the owner of a small business? If so, any business you have a financial investment in during the time of your marriage should always be your separate property in the agreement. This also includes any increase in the value of the business during your marriage. Anything that you consider an asset after marriage will always be presumed to be marital regardless of who owns the property unless it’s specifically excluded in the agreement. Business ventures acquired before or during your marriage should always be part of a prenuptial agreement.
Debts You Have
Prenuptial agreements are about more than just assets. Both spouses should also list all of their debts they acquired during their marriage. But why? Simply put, it differentiates who the debt belongs to. In fact, if you fail to specify on whose debt is whose, you could even be on the hook for a debt that’s not even yours.
Keep in mind that a prenuptial agreement doesn’t to cover the future, however, there is an exception. If you happen to buy gifts for your spouse, they are considered marital property, unless they are given through a third party. Should you want the gifts you buy to be considered separate property, you must specify it on the agreement.
When it comes to writing a prenuptial agreement, children are a no-brainer. However, it’s important not to forget about your other children; your furry friends. If you or your spouse have any pets, they should mentioned in the agreement as well. The agreement should outline who will become sole owner, should the marriage end up in divorce.
Stay Away of Social Media
This tip may seem a little odd and requires you and significant other talk about first, but there is a clause you want to forget; social media. As social media evolves, a lot of engaged couples are deciding to add a “social media clause” into their agreement. In other words, they are essentially limiting the time that both can spend on social media. It’s best to stay away from anything that can create a gray area, per sè. It’s possible for a relationship to suddenly go down the tubes from a single social media post.
Signing a prenuptial agreement may seem weird at first because it can make you feel like your spouse doesn’t trust you. However, they are very beneficial to both of you should the relationship go south. However, when even the most loving of marriages sometimes come to and end, it’s important to keep things as civil as possible.