Prenuptial agreements sometimes get a bad rap. Some Panama City residents may think that prenups are a sign that the couple is not committed to the marriage, are selfishly placing their interests above that of their spouse or even that they do not trust their soon-to-be spouse. However, none of this is true. Prenups can be the responsible choice for a couple to make. They can set the stage for honesty and open communication, which could benefit the marriage. And should the marriage not last, they can make the divorce process run more smoothly.
First of all, prenups are for everyone, not just the famous or wealthy. If a person owns a house, has their own small business, or has any other assets that they want to protect should the marriage not last, they may want to enter into a prenup.
However, when creating a prenup, both parties must be completely honest, and disclose all of their assets and liabilities. The failure to do so could invalidate the prenup. It may be necessary to draft financial statements, which include bank and security account information, income tax returns, any motor vehicles they have, real estate information and all of the debt they owe.
It is also important for couples to discuss having children if they are thinking of drafting a prenup. A prenup can dictate how a couple's property will be passed on to their children if they die. This can be especially important if a couple ends up getting a divorce, and one or both partners marry someone new.
While it may not be romantic, marriage can be viewed as a financial partnership. Therefore, each party should know whether his or her partner has good credit or bad credit. This information is important because a prenup can allocate debts incurred during the marriage to one party or the other. Similarly, a prenup can help couples come to an understanding about how they want to handle finances together.
As this shows, there are many good reasons to enter into a prenup. However, it is important that each party to a prenup has their own attorney, who can represent their interests and ensure the final document is fair and appropriate.
Source: TGDaily, "6 Questions to Ask Before Signing a Prenup," Craig Ellison, May 4, 2017