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What should I know about prenuptial agreements?

While it can be a challenging subject for many couples in Richmond, having a valid prenuptial agreement in place is crucial for explicitly spelling out financial matters before a marriage takes place. There are a number of common mistakes associated with these documents, and it’s important for both you and your new spouse to be acutely aware of the process so that you can make an informed decision.

As illustrated by TheKnot.com, there are numerous considerations that should be made when devising a prenuptial agreement. For instance, knowing the exact definitions of associated legal terms will help you increase your understanding of the document. This can include terms like an operative event, whihc refers to the situation that spurs a prenup into action (this either the officially divorce filing or if one spouse moves out of the marital home). Additionally, marital property refers to that property is gained during the course of the marriage, while separate property is anything that is owned by the individual parties.

Emotions can often run high during negotiations related to prenuptial agreements, so it’s important to remain even-tempered. Because it is essentially a business contract, you don’t want to let your feelings get in the way of creating a solid and legally binding agreement. If you do find yourself getting emotional, try stepping back from the process until you can negotiate terms rationally and reasonably.

You should also not be deterred from bringing you the subject with your spouse due to its unromantic nature. While the discussion can be awkward, a well-crafted prenuptial agreement should equally benefit both you and your spouse. Accordingly, you shouldn’t be afraid to openly communicate your needs, whether they involve financial matters or other important issues related to married life.

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Shumate, Flaherty, Eubanks & Baechtold

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Richmond, KY 40475

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