A prenuptial agreement dictates how to manage spousal support and property division in the event of a divorce. Although this is not necessarily something that you want to talk about when you are planning your wedding, the discussion is crucial if you want to avoid having the state separate your assets in a divorce.
Consider including the following items if you are drafting a prenup in Missouri.
How you wish to divide assets
A prenup is an ideal document to express how you would like to divide liquid assets and personal property that you obtained prior to the marriage. For example, if you have a high net worth or own a business that you started without the help of your spouse, a prenup can help protect these assets if you get a divorce.
Debt protections
Prenups also allow for the inclusion of certain debt protections. If you accumulated a substantial amount of student loan or credit card debt before getting married, you can indicate that your spouse is not a responsible party when it comes to what you owe on these debts.
Responsibilities
In addition to asset and debt divisions in case of a divorce, prenups may include items that have to do with how finances will be managed during the marriage. These items can range from how you and your spouse will deal with joint bank accounts to who will contribute to certain household expenses.
While prenups are not a romantic topic to discuss with your spouse, having a prenup can save a lot of time and hassle down the road.