When it comes to prenuptial agreements, tread lightly. Givens Givens Sparks explains some common pitfalls to avoid.
People in the U.S. are waiting longer on average to get married. Marrying later in life means that many couples are bringing more assets – and more liabilities – to the table. This and a number of other factors have made prenuptial agreements the norm, but what is the best way to go about entering into this type of agreement?
DO wait until the moment is right, but don’t delay too long. As with any conversation of importance, it is best to wait until the moment seems right – there is a time and a place for everything. Set aside time you know you and your significant other will have enough time to talk out the details, and don’t bring up a prenup during an argument.
DON’T be afraid of bringing up a prenuptial agreement for fear of being unromantic. Prenuptial agreements are very practical, no longer exclusive to high-asset individuals or couples like celebrities who are notorious for quick breakups.
DO be as specific as possible. Anything that isn’t specified is up for debate. Sometimes even specific language can become subject to arguments over semantics.
DON’T forget to include what you owe, not just what you have. A thorough prenuptial agreement should include all expenses and debts in addition to assets.
DO enter into a prenup as soon as possible, and preferably with plenty of time before your wedding. With the excitement of your impending nuptials, entering into a prenuptial agreement might be one of the last things on your mind. However, it’s best to get prenups set in stone with time to spare before the wedding.
If you and your future spouse are considering a prenuptial agreement, we invite you to contact the Tampa family lawyers at Givens Givens Sparks today for legal counsel.