Securing your future with a new spouse requires more than planning the wedding. You may want to consider broaching the topic of creating a prenuptial agreement before tying the knot.
A prenuptial agreement is a misunderstood legal document. Some people consider a prenup smart planning, while others believe it is a curse on the success of a marriage. Learn more about this often controversial document, including what you can and cannot include in it.
Establish separate assets and debts
Minnesota is an equitable distribution state. The court divides all money, property and debt acquired during the marriage on a fair and equitable basis. In a prenup, you may predetermine what property and assets remain separate from this division. Anything you own before the marriage, even if you use it during the relationship, may remain in your possession and not subject to a split.
Protect children from prior relationships
If this is not your first marriage, you may want to protect your children from the previous relationship. A prenup may prove useful in separating funds for children of prior relationships. It can earmark property or money that does not get included in a divorce split.
Issues excluded from a prenup
A prenup cannot account for everything you may face when divorcing. For starters, neither party may waive alimony. The court may see this as coercion and null this part of your agreement. You also cannot establish child custody, support or visitation for children who are not born yet.
Should you want a prenup, speaking to your future spouse early on in the planning process may prove crucial. Consider that a prenup serves as an insurance policy that you never plan on using but may need somewhere down the road.