As an engaged couple prepares for their wedding, they usually begin entering into contracts with vendors. From booking the venue to hiring caterers and a photographer, very few couples would consider leaving such important details up to chance and are more comfortable having a written contract.
There is one important contract that engaged couples sometimes overlook when planning their ceremony: a prenuptial agreement. Prenuptial agreements get couples to have conversations about money that should happen prior to marriage in any case, such as who is bringing debt into the relationship, and whether new debt accumulated during the marriage may be seen as community property with shared responsibility. Though they can be awkward and difficult, conversations about prenups are simply smart financial planning.
Prenuptial agreements can be tailor-made to fit your unique circumstances. Generally, your prenuptial agreement should define how assets, debt, wealth, and potential future inheritances would be allocated or split in the event of divorce, death, mental incapacity, or other major event that could change the nature of the marriage and the relationship between the parties — ultimately avoiding complex property division disputes.
Even if you think you don’t have enough assets as a couple to need a prenup, that can change over time. As Bankrate.com says, “Any couple who brings personal or business assets to the marriage can benefit from a prenup. The most basic of these contracts lists an inventory of premarital assets that in the event of a divorce will remain the property of their original owner.”
Just like prenuptial agreements can benefit any couple regardless of the amount of assets they have when entering the marriage, they can also benefit couples who are getting married or remarried later in life. A prenuptial agreement is a great way for older couples to plan for the next phase of their lives by outlining issues that are important to them as they age, such as allocation of retirement benefits.
When establishing a prenuptial agreement, it’s important to make sure your contract will be legally enforceable in the event of death, divorce, or other change of circumstance. At Makofka & Makofka, we understand that a strong marriage starts with a strong prenuptial agreement, and we can help create a legally enforceable prenup for couples of all ages and incomes. Start your marriage off right by contacting our office today for your free initial consultation at 904-355-2700. The law office of Makofka & Makofka is located in Jacksonville and have the privilege of representing clients in Duval, St. Johns, Clay, & Nassau counties.