A couple meets, falls in love and decides to get married; it all sounds romantic. Then, real life comes into the picture for this Connecticut couple. In addition to romance, there are credit card debts, student loans, an inheritance, family businesses and perhaps even children to consider. If the romance fades and divorce looms in the foreseeable future, a prenuptial agreement will make this process more manageable.
Most likely, one or both individuals bring some debt to the marriage. This can take many forms; however, it is important to discuss any financial obligations prior to the marriage. In addition to disclosing the debt, decisions need to be made regarding paying it. For example, student loans can be quite substantial; the decision regarding the amount of joint and individual funds that will go toward any monetary obligation should be discussed ahead of time. Additionally, responsibility for debts brought into and added to throughout the marriage can be addressed in a prenuptial agreement.
It is also possible that either the bride or groom expects to receive an inheritance at some point. To avoid misunderstandings later on, the discussion regarding whose money or property this is and who will decide how it is used should be held sooner rather than later. Again, by addressing this situation in a prenuptial agreement, misunderstandings can be minimized and the inheritance can be maintained as it was intended.
In addition to debt and inheritance, there are a number of other situations that the Connecticut couple will want to address prior to the marriage. The use of experienced legal counsel for each party will provide each of them with the tools needed to cover the necessary topics. Additionally, in case of a divorce, the prenuptial agreement will help to guide the process.
Source: Elle, “7 Things All Newlyweds Need to Do With Their Money, Stat”, July 6, 2016