Couples in Minnesota who are planning a wedding likely have a to-do list that may seem to them to be a mile long. While planning the day that will begin their life together, it doesn't occur to many to consider the end of their marriage. However, some might recommend adding a prenuptial agreement to that to-do list. Discussing property division prior to a marriage is a way to plan for the future and could significantly streamline and reduce the cost of a divorce down the line.
Prenups have one main purpose -- to detail the division of assets in the event of a divorce. These assets can include real estate property and businesses. Additionally, they can outline how spousal support will be paid in the event of a divorce. Prenups typically cannot make arrangements regarding child support.
Those who have experience with prenups have several recommendations for couples who will soon legally join their lives together. The first is to become knowledgeable about the laws of the specific state because laws can vary. The second is to ensure that all debts and assets are completely and honestly disclosed -- failure to do so could result in the agreement being set aside at the time of divorce. Third, and possibly the most important, is not to wait until the last minute, because it may take time to gather information about all assets, and time may be needed to discuss, revise and agree to the document. Additionally, waiting to the last minute may result in a hasty decision to sign a document that a soon-to-be spouse doesn't fully agree with.
Although some people might find it difficult to introduce the topic of a prenuptial agreement, it is an important conversation to have. At the very least, it ensures that both spouses are going into a marriage fully aware of their partner's financial standing. In the event of a divorce, a prenuptial agreement can significantly reduce the stress of property division for Minnesota couples.
Source: The Huffington Post, Unpacking Prenuptial Agreements, Caroline Choi, Jan. 31, 2014