Prenuptial Agreement Check List
There is a list of issues to think about before one speaks to his/her intended spouse and lawyer about a premarital agreement. It often assists to discern one’s own feelings about these issues before deciding to talk to others. Factors like premarital assets and debts, marital property and credit and debt are few issues that usually are included in prenups.
However, a couple would benefit from having a prenuptial agreement check list so that they do not leave out anything.
It is important to make an extensive list of all premarital assets and debts that are currently in one’s name. It is a good practice about being up front and straightforward on financial issues with your new marital partner. A list of marital property contains the assets and debts that you will accumulate together once you are married which necessary to avert any is misunderstanding which may arise from individual spending styles of couple.
Credit and debt list offers an avenue for serious talk about credit scores and priorities with respect to paying off old debt or accumulating new debt. In case, partners own a business separately, the prenuptial agreement includes an indemnification on the business debts and taxes business like personal, back taxes and payroll taxes.
There should be a statement of the duration of the premarital agreement. This depends on the partners to decide how long a premarital agreement may stay in effect. Couples can ask themselves if the agreement will stand forever or if it will terminate at some point. It is important to discuss and decide how annual taxes would be paid. Others factors to be discussed could include spousal support and/or alimony, working styles, gifts from families, higher education, fault, death or disability.
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