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Tips for a prenuptial agreement

| Jan 10, 2017 | Family Law |

Couples in Wisconsin who are approaching marriage may want to consider the possibility of a prenuptial agreement. Signing a prenup does not mean the couple anticipates a divorce, nor does it mean they have an unstable relationship. Rather, much like insurance, this agreement allows people to be prepared for a scenario which they hope will never happen. It may be wise to set the terms of asset division beforehand so that each partner’s wishes are honored.

According to Forbes, engaged couples should understand the gravity of the financial responsibility involved in marriage. Entering into this contractual relationship with another without knowing their financial background may be detrimental. For this reason, each partner should talk openly with the other about their financial situations, including a discussion of each person’s assets and liabilities. Particularly if there are significant assets involved, couples should discuss a prenup early in the engagement period. Even after an agreement is reached, it may be prudent for each partner to maintain assets which are separate from the other.

Entrepreneur offers advice on how to work through a prenuptial agreement with minimal conflict.  An essential component of this discussion is a willingness and desire to work together. Couples who are arranging a prenup should express their own priorities, but also be willing to listen to the other’s perspective. They should also be flexible with the arrangement they make. Since life circumstances change over time, it may be necessary to revisit the agreement and alter it to fit the family’s new situation. Additionally, the terms of the agreement should be decided collaboratively, rather than by just one partner.