As couples prepare to tie the knot, one important factor is often overlooked – the wedding agreement. A wedding agreement is a prenuptial agreement that outlines how assets and debts will be divided in the event of a divorce. While it may not be the most romantic topic, it can save couples a lot of heartache and legal fees down the line.
Recently, The New York Times Crossword included a clue that read « Wedding agreement, for short. » The answer, of course, was « prenup. » This playful nod to the importance of prenuptial agreements is a reminder that it`s never too early to start thinking about the financial aspects of marriage.
Prenuptial agreements are especially important if one or both partners have significant assets, own a business, or have children from a prior relationship. Without a prenup, state laws dictate how assets will be divided in a divorce, which may not be in line with what you and your partner want.
In addition to dividing assets and debts, prenups can also address spousal support and inheritance rights. While discussing the possibility of a divorce may be uncomfortable, it`s an important conversation to have before saying « I do. »
To draft a prenup, it`s best to consult with a lawyer who specializes in family law. They will guide you through the process and ensure that the agreement is legally binding. It`s important to note that both parties should have separate legal counsel to avoid any conflicts of interest.
While a prenup may not be the most romantic part of wedding planning, it`s a necessary step to protect both partners in the event of a divorce. And with The New York Times Crossword giving a playful nod to this important legal document, there`s no excuse not to start the conversation with your partner.