Nevada attorney Allison Herr has started a new blog called Preventative Family Law. It has a great concept and an interesting approach. I have included her article on Prenuptial Agreements below:
A prenuptial agreement is a great vehicle to open up discussions about money matters prior to entering into a marriage. With disputes surrounding money, one of the most commonly cited reasons for marital discord, it is important for couples contemplating marriage, to openly and honestly discuss money matters. You and your partner should consider the following questions:
How do you think about money?
How important is money to your sense of security and happiness?
What are your financial goals for the future?
What are your expectations about the support of the family?
How much money is enough?
Historically, the roles of married parties were strictly defined; men went to work to support the family and women stayed home to care for the house and children. Engagements were often for periods of one year or more, and parties tended to marry someone they had grown up with who shared similar cultural, religious, and economic backgrounds.
Today, however, the world had grown much smaller. It is now easy to travel from state to state, inexpensive to call long distance, and email and video conferencing take place everyday with friends from around the globe. We are a multi-culteral society where it is more common to have two working spouses than one, and the old stereotyped roles of husband and wife have been set aside.
While these are all benefits of a modern society, the financial independence of each party prior to marriage, can sometimes lead to its financial downfall after the marriage. You may mistakenly assume that because you and your significant other are compatible on other fronts, your beliefs about money must also be similar. You do not want to find out after the marriage – and after you are financially entangled – that your spouse has hidden debt, prior tax liens, or a poor credit score due to financial mismanagement.
A prenuptial agreement requires each party to make a full financial disclosure to the other. You will prepare a list of all of your assets and debts so no one is surprised later. The negotiation of the agreement will also give the two of you a platform upon which to discuss your financial goals. Opening the lines of communication about your financial expectations during the marriage is a great way to prevent future problems.