Getting married is generally cause for excitement for Tennessee residents who are planning their weddings. However, it is important to not let the excitement interfere with efforts to plan for after the wedding comes and goes. While a prenuptial agreement may not be the most romantic part of married life, it is a critical step on the road to marriage. As no one can predict what the future holds, some say it’s a good idea to account for as many scenarios as possible.
For instance, such an agreement can stipulate who is responsible for paying a debt or who is entitled to receive an asset if a divorce occurs. In addition to creating a prenuptial agreement, it’s a good idea to create a will and meet with an accountant before tying the knot. Creating a will allows a couple to decide who should take care of the kids if they both pass on as well as various issues related to beneficiaries.
Adding a medical power of attorney is also important because it allows an agent to make decisions on an individual’s behalf in cases of incapacitation. An accountant can help future spouse better understand how to file a return as a married couple or how being married could impact the ability to claim certain credits.
A prenuptial agreement may allow a spouse to protect both personal and business assets during and after a marriage. It could also make the property division process faster and less contentious if a marriage does come to an end. Generally speaking, such an agreement will be reviewed by an attorney prior to being executed. It may also be reviewed as part of the divorce proceeding to ensure that its terms are still valid.