A prenuptial agreement may streamline the process of dividing property in the event of a divorce. However, Wisconsin couples may wish to have a conversation about their finances and come to certain monetary arrangements even if they don’t create a formal agreement. For instance, each party should discuss their financial past, their current financial situation and what their future financial goals are.
This allows the couple to get an accurate picture of their current debts, income and assets prior to getting married. Having a clear picture now makes it easier to determine who will be responsible for paying joint debts and whether either side will need or receive help paying their own debts. A conversation such as this one should also focus on whether either side has reservations about relocating for work or when it may be a good idea to buy a home or make other large purchases.
Each party should agree that they will not spend, lend or borrow large sums of money without the other person’s knowledge and consent. This enables each person to be a part of the decision making process and come to a consensus as to what is best for the family as a whole. It may be one of the most significant ways that a couple can demonstrate their commitment to each other.
Matters such as property division may be resolved faster when there are no hidden assets or disputes as to how much a business or other intangible good may be worth. The existence of a valid prenuptial agreement can ease the process as well. Those who are considering entering into one should obtain the advice of an attorney to ensure that it does not contain any invalid provisions.
