If you and your future spouse are high income earners or have a significant net worth, you may want to consider creating a prenuptial agreement, also known as a prenup. This agreement outlines how your assets and debts will be divided if you divorce.
Asset examples
You may want to address asset division for property, like your home or estate, investment properties or commercial properties. If you have financial investments, like mutual funds or bonds, or savings, you may consider whether to divide those equally or each spouse may receive a percentage.
Art, jewelry and designer handbags or clothing may also be included as well as vehicles, private planes and boats, and any precious metals like gold, silver or platinum.
If you have historical items or family heirlooms, you may want to allocate those to the spouse with the most sentimental attachment to those items.
Prenup process
You and your future spouse should be prepared to provide each other with a full and accurate financial disclosure during the prenup process.
In addition to the assets discussed, you will need to determine how your debts will be managed. This includes mortgage payments, credit card debt and other loans.
You can also decide whether you will pay spousal support in the event of divorce. If you do, the prenup can specify the amount that will be paid, which spouse will pay, and how long payments will be made. If you divorce, the court may review this agreement to ensure that it is fair to both parties.
