Discussing Debts and Assets Before Marriage

NYC Prenup is powered by licensed New York attorneys who specialize in prenuptial agreements. Completing this document online just makes sense, saves time and energy- and money. When you are going through your finances as a checklist, you’re going to want to pull your financial documents- and make a basic list. Don’t get overwhelmed, it may sound like a lot, or that it will take a long time, but it really doesn’t. You just have to think about each month, what bills you pay, what debts you owe, and what assets are you responsible for. Your partner and yourself are business partners essentially for the rest of your life. This planning portion of the pre marital preparation is so crucial and you’ll always be grateful you took the time to do it. You have to think about things in terms of before marriage, and after marriage. What did you have before? What will you share together once you tie the knot? Of course knowing exactly what you each owe, and to which institutions, will go on that list and help break down all of your assets and debt. Any inheritance you have may come into in the near future, or possible business ventures on the horizon can be noted on the list as well so that you can maybe make a clause to revisit the prenups at a later date and not let anything get away from you as circumstances change. Assets that are considered significant would include any investment accounts- a savings, retirement accounts such as a 401K fund or a pension fund. Going down the list you will see suggested all of your real estate. Next, write on the list any personal property like jewelry or artwork, that is considerable and significant. Heirlooms and objects of value, and things that have a connection to you that really matter in some way. Remember, if you are ever in front of a judge trying to keep an item that you don’t want to ever part with, but the language in a prenups is not explanatory- or worse yet, you don’t have a prenups- sorry to say, but there is really no guarantee that you will be able to keep your grandmother’s dishes or your father’s clock. It’s just how things go when the court is left to its own devices. That is really why we want to help.

Once you have discussed your assets and debts, the two of you need to decide how you will handle them in the event of divorce.  Will they remain separate in the event of divorce or will they become marital property?  If one of you pays off individual debts for your spouse such as student loans or car loans, will you expect to be reimbursed in the event of divorce or will you consider this a gift?  If you purchase a car or home together and either of you use savings acquired prior to marriage, do you plan on dividing the property proportionally?