Wisconsin residents who are contemplating marriage or remarriage may be in a quandary over whether or not to ask for a prenuptial before the wedding. Because a prenuptial lists assets already attained by each individual, it may be a good idea even if you live in a community property state such as Wisconsin.
There are various aspects of a prenuptial agreement that are beneficial. Your individual property is protected and, if one individual stands to receive an inheritance, that may be added to a prenuptial. Defining common and individual assets may prevent problems in the future. Because this is not the first marriage for all couples, those who have been divorced may wish to make an arrangement to provide for children or grandchildren from the previous marriage from the estate, and this may be accomplished through the use of a prenuptial agreement.
Protecting assets in the event of divorce may be particularly important if one individual comes to the marriage with considerably more assets. Starting a marriage with financial openness allows both partners to know the entirety of assets, income and debts that each one holds. This may be an important consideration when planning financial matters in the future and for estate planning.
Additionally, having a prenuptial is an opportunity for both partners to clarify which marriage partner will be handling financial affairs, including investments and business. A plan for the future from the beginning helps to avoid conflict and gives a couple the security of knowing that they are working as a team to build a future.
Consulting with an attorney who might help structure an agreement is beneficial. The attorney may lend insight into the various items that could be added to a prenuptial agreement and make sure it would stand the test of time.
