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How engaged couples can benefit from discussing prenups

| Dec 20, 2019 | Family Law |

Finances may be the last thing that Wisconsin couples want to discuss after getting engaged. However, discussing financial matters will ensure that they are on the same page if issues arise during their marriage or in case of a divorce. A prenuptial agreement will protect both parties and save them a lot of frustration and expense.

A prenup is a legally binding contract that is tailored to the specific needs of each individual entering the marriage. It typically includes which assets will be viewed as personal property and which ones will be viewed as shared property, like inheritances and family trusts. It is especially important for individuals who own their own business and who are engaged to have a prenuptial agreement in place. This will protect the business and anyone who shares ownership of it. The agreement could also include matters of confidentiality, preventing a future ex-spouse from sharing personal information with the public, friends or family.

It may be uncomfortable having a conversation about a prenuptial agreement, but in addition to protecting a person in a financial sense in case of a divorce, there are other benefits. For one thing, it will set expectations as to what each individual is expecting to get out of their financial partnership once they are married. Few things can cause a couple to have disagreements and eventually divorce like money matters. The sooner a couple can get on the same page financially, the better.

Although a person may see the benefits of signing a prenuptial agreement, they may not know where to start. A lawyer may answer questions about prenuptial agreements, high-asset divorce and other matters related to family law. A lawyer may help a client draw up the needed paperwork, make sure it includes details that relate to the individual and ensure that it is legally binding.