Many people think the hardest part of a premarital agreement is asking their partner to sign one. However, the most challenging part may be deciding what to include in the contract. It is usually wise to have an idea of what you want in the agreement even before asking your soon-to-be spouse to sign one. Knowing what you want in your contract can provide a way to start talking about it, and can also help you explain why you want one to your partner.

Issues to Include in Your Premarital Agreement

Premarital agreements are mainly used to address any property division issues that may arise in the event of divorce. The most common issues to address in a premarital agreement are as follows:

• Providing children from previous marriages with certain assets
• Defining the owner of a business
• Division of retirement benefits
• Outlining separate and marital property
• Division of debts
• Defining the spouse to receive maintenance and the amount
• Division of joint accounts
• Division of household expenses
• Division of savings account
• The cost of higher education for either spouse and how that cost is divided after divorce

Understanding the items you want to include in your premarital agreement is a good start. Once you know which items you want to include, you can then take it one step further.

Premarital agreements are legal contracts that dictate the division of assets and debts in divorce, and they can also address a number of other legal issues. However, as the millennial generation is getting older and starting to think about marriage, many of them are considering drafting a prenuptial agreement before the wedding. These premarital agreements cover all the same issues as those drafted for previous generations, but they are also slightly different. Below are the main ways these premarital agreements differ from those written for older generations.

Millennials Are More Likely to Get Premarital Agreements

For the past few years, more millennials have been writing premarital agreements than generations past. Perhaps younger couples do not see them as the romance killers that previous generations did, or maybe they simply understand the importance of these legal contracts better. Whatever the reason, more millennials are getting premarital agreements, and that is definitely a positive sign.

Millennials Have More Assets

Millennials may not have accumulated more assets than people twice their age, but they generally do have more to protect at the time of marriage. Millennials tend to marry later in life when they have established careers and as such, have accumulated a greater amount of assets. This is vastly different than other generations that often got married right after high school or college. After accumulating all of these assets, it is not hard to understand why more millennials are writing premarital agreements to protect them.

Many people draft a prenuptial agreement so that in the event that they must get a divorce, their best interests and personal property are protected. However, too often people enter into divorce only to learn that their prenuptial agreement is not enforceable. This is shocking, as the assets that people thought were going to be left out of the divorce process are now subject to property division rules. For this reason, it is advisable that everyone understands what will deem a prenuptial agreement unenforceable, so that should the time come, they can enjoy the protection that they thought they had in place.

Incorrect Financial Information

When drafting a prenuptial agreement, each partner in the relationship must fully disclose their assets, income, and debts. This is very beneficial because it can help prevent arguments in the marriage regarding property and money, which is one of the leading causes for marriages to break down and for individuals to get a divorce. However, it is also extremely important that each spouse is honest about these terms when drafting a prenuptial agreement because if they are not, the agreement could be deemed unenforceable.

One Spouse Did Not Sign the Prenup Willingly

A prenuptial agreement is a contract and as such, each partner entering into it must agree to the contract and sign it willingly. When this is not the case, the contract is considered invalid. No partner should be under the influence of alcohol or drugs when they sign the prenuptial agreement, nor can they be forced or coerced into the agreement. Each partner should read the entire prenuptial agreement and fully understand the terms outlined within it before they sign. Proving that one of the parties did not consent to the prenuptial agreement is extremely difficult, so individuals that want to make this argument should speak to a lawyer that can help.

You may understand the benefits of a prenuptial agreement. You may have even decided that you would really one before the wedding day. However, you have no idea how to ask your soon-to-be spouse. You do not want them to think that you’re already planning for a divorce, or that you do not trust them. So, how can you ask them for one and still continue preparing for the big day? By following the four tips below.

Do Not Demand It

Sometimes it is all in the way that you ask for something that makes a big difference. Do not demand that your fiancé signs an agreement. Statements such as, “You will have to sign a prenuptial agreement,” or “I do not think we can get married if you do not sign a prenuptial agreement,” come across as very demanding. Your fiancé will likely become defensive, which could lead to a fight you were hoping to avoid when bringing up the subject. Rather, ask your partner to have a conversation with you about a prenup and the benefits it could bring to both of you.

Be Honest

Many people have some kind of fear about the future when they are about to get married, even when they know it is the right decision. Likewise, many people do not want to convey these fears to their partner because they do not want their partner to think they are having doubts. It is always best to be honest about your feelings, any fears you have, and to let your fiancé know that you have certain assets you would like to protect. Dishonesty will only add to the tension of the conversation.

Prenuptial agreements can be used for a variety of marital reasons, and one of those reasons is for debt protection. The average American has more than $38,000 of debt, and this does not even take into account home mortgages. Millions of Americans are so deep underwater on their mortgages and other loan payments that they are will likely end up being in debt until the day that they die.

Surprisingly, Americans are taking on more debt each and every year, despite knowing the consequences. Credit card debt is now tied with home mortgage debt, followed by student loans and car loans. The later comes as little surprise when the average new car price tag comes in at more than $37,000. The last thing that you want to do when you marry the love of your life is to begin worrying about your spouse’s high debt and financial troubles. After all, financial turmoil is one of the most common stress points in marriage.

Will a Prenuptial Agreement Protect Me from My Spouse’s Debt?

Debt acquired before marriage is not the legal burden of the other spouse. If your soon-to-be-spouse has a $40,000 in student loans, you will not suddenly be responsible for that debt when you marry. Similarly, if your spouse fails to make timely payments on that debt, your credit score will not suffer as a result. However, if you are a co-signer with your spouse onto a credit card or other type of loan, you will be held financially responsible for that debt, even if you end up not doing any of the spending.