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Columbus, OH 614-360-2942
New Albany, OH 614-721-7726
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Columbus, OH 614-360-2942
New Albany, OH 614-721-7726
Toll Free   888-641-0805

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Prenuptial Agreements: Gaining a Financial Picture Before Marriage

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Everyone has their own financial personality. Your spending and saving habits may differ greatly from friends and family. According to a 2011 study from Utah State University, married couples who disagree about money issues once a week are twice as likely to divorce than couples who have money conflicts less than once a month.

Experts explain that money disagreements encompass a variety of issues that reach beyond financial matters. These contested discussions involve issues of control, freedom and self-esteem. Furthermore, disputes about money are based on differing views regarding spending and saving, which can vary significantly from person to person.

Finances can be a serious issue for couples. If your financial personality or financial status differs from your partner, you may want to consider a prenuptial agreement before you get married. While few individuals enter a marriage with the anticipation of a divorce, marriages can end. A prenuptial agreement is a legal tool that can help protect you in the event that you separate from your partner.

Prenuptial Agreements: Preventing Financial Problems

If you opt to protect your finances before you get married, there are a few matters that should be contemplated when constructing your prenuptial agreement. Many of these questions will depend on the financial personality of you and your partner.

The following are matters that you should consider before marriage. These issues will help you divide financial responsibilities throughout your relationship:

  • Who will handle the finances in the home?
  • Who will be responsible for tax responsibilities, such as filing or paying taxes?
  • Who will be responsible for rental or mortgage payments?

Your prenuptial agreement should also consider the financial repercussions of a divorce. If you get divorced, what do you want to protect? You should consider the following issues:

  • Do you own a business?
  • Does your partner carry significant financial debt?
  • Do you anticipate a large inheritance?
  • What should be the post-marriage fate of property that you and your spouse owned prior to marriage

In the divorce process, ownership of a business could be split between spouses. This is true even if a business was commenced by only one spouse before the marriage. Therefore, you should evaluate how important it is to keep your company.

Also, without a prenuptial agreement, you could be responsible for part of your partner’s debt – even after marriage. Think about all of the financial responsibilities that your partner has, such as student loan debt. Do you want to be financially liable for this after you separate?

Finally, if you expect a large inheritance or you have property in your name prior to tying the knot, you may want to take steps to protect your wealth and assets.

These are just some of the matters that should be contemplated and addressed in a prenuptial agreement. The construction of a prenuptial agreement will depend largely on what you bring into a marriage.

Ultimately, a prenuptial agreement can help you gain a solid understanding of all assets coming into your marriage. The contract assists with financial planning, and it helps you develop a complete financial picture. Most importantly, the device helps you protect what is important to you.

If you have questions about what should go in your prenuptial agreement, you may want to speak to a knowledgeable family law attorney.

Amy M. Levine
View Profile

Our Latest Blog Posts

Creating a strong co-parenting relationship during a divorce

Experiencing a divorce can be challenging and emotionally exhausting for any couple, especially as parents. In spite of the emotional turmoil, it is crucial for parents to maintain a healthy relationship for the sake of their children. This is where the concept of...

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Many Ohio residents choose to adopt to start or expand their family. If you have gotten married and your spouse has a child from a previous relationship, you might consider adopting your stepchild. These are some benefits of stepparent adoption. Adopting your...

Can you refuse visitation if the co-parent arrives intoxicated?

Navigating a shared custody plan with a co-parent who struggles with substance abuse poses unique challenges. For example, how do you respond when they arrive to pick up the children for their parenting time but you can tell that they have been drinking? There are...

3 tips for summer vacation and shared custody

Now that spring has arrived, planning for a fun summer vacation starts. If you have shared custody of your children, planning ahead holds even more importance. To help your children have a positive memorable summer, consider these three tips. 1. Check your parenting...

How to prepare for a divorce

Divorce can be a scary prospect for Ohio residents. However, preparation can help alleviate some of the stress and uncertainty that come with it. Taking the right steps in preparing for divorce will get you through this difficult time. Understanding the law The first...

Visit Our Blog

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