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The can's and can not's of prenuptial agreements: part 1

The last thing a couple on the months, weeks or days before a wedding want to think about or discuss is the potential of the marriage failing and ending in divorce. As we all know, however, the reality of marriage in the United States, including the Dublin, Ohio, and surrounding area, is that about half will ultimately end in divorce.

The divorce process can be long, expensive and mentally and psychologically draining. Add to it the fact that emotions are inevitably running high, and it may become even more difficult to make rational decisions in your best interests. More and more often, couples on the eve of marriage are creating prenuptial agreements, or prenups. Having a prenup can make things far easier in the event of a divorce, but for establishing rules and procedures for financial decisions during a marriage.

For example, a prenup may include how marital and separate property is allocated, as well as the financial obligations of each spouse's debts as well. A prenup may also be used to assure that children from outside the marriage and family property is properly allocated in the event of a spouse's death or divorce.

A prenup may also be used to determine how finances are handled during a marriage. This may include but is not limited to the management of family and household expenses and bills, the management of joint bank accounts including checking and savings accounts, investment decisions, and the management of credit card payments and spending. There are several topics that cannot be addressed in a prenuptial agreement however, which we will discuss next week. Including items not allowed may not only lead to unwelcome decisions, but could void the entire prenuptial agreement document.

Source: findlaw.com, "What Can and Cannot be Included in Prenuptial Agreements," Accessed June 5, 2017

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