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Amy M. Levine
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Chapter 7 bankruptcy gives consumers in Columbus, Ohio, a legal way to remove burdening debt they can no longer handle. Only unsecured debts, such as medical and credit card debt, can get erased in bankruptcy. The secured debts, those that are backed by collateral,...

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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

How to prepare financially for a divorce

Ohio is an equitable property division state, which means that you might be entitled to a majority share of a marital estate in a final divorce settlement. However, even if you are expecting to receive valuable assets as part of such a settlement, you'll still need to...

What to know about the Chapter 7 bankruptcy means test

Chapter 7 bankruptcy gives consumers in Columbus, Ohio, a legal way to remove burdening debt they can no longer handle. Only unsecured debts, such as medical and credit card debt, can get erased in bankruptcy. The secured debts, those that are backed by collateral,...

Contesting a Will During Probate in Ohio

When Ohio residents put together their wills and estates, they do everything in their power to make sure that they've covered all of their bases. They usually work with attorneys to make sure that their beneficiaries are clearly indicated, and they work on an asset...

7 steps to take after a car accident

In an instant, a car accident can change your life. You just could be on your way to work and a large SUV rams into the rear of your car. You could suffer serious injuries – broken bones, a traumatic brain injury and a back injury. Or a distracted driver could fail to...

What happens to a home in a Chapter 7 bankruptcy?

It may be possible to keep your Ohio home after filing for Chapter 7 bankruptcy. However, that will depend on how much equity that you have in the property. Furthermore, you'll need to remain current on your home loan to retain ownership of the property. Let's take a...

Visit Our Blog

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