Genre: Instruction

Featured eBooks Young and in Debt Should You Get A Pre-Nuptial Agreement ? Prenuptial agreements are not romantic , but they are a practical way to establish how money and property will be divided in the event of a divorce . The first rule of thumb with a pre-nuptial agreement is to remember that it is simply a financial contract , not a romantic statement . Your desire to have a prenuptial agreement may be related to how many assets you have going into your marriage . Let's look at a few scenarios . Meet Cindy and Joe , engaged in their 30s . Cindy bought a townhome in her 20s with a $ 10 , 000 down payment . The townhouse has since appreciated by approximately $ 30 , 000 . Joe has always rented . Cindy and Joe plan to remain in the townhome for at least the first few years of their marriage . Cindy would like to protect the investment that she made in her 20s , should she and John divorce . John is concerned as well . He has been helping with the monthly mortgage payment and will continue to do so after they are married . How can both of their financial interests be protected by a prenuptial agreement ? Cindy and Joe meet with an attorney who proposes a solution . The prenuptial agreement states that Cindy enters the marriage with $ 40 , 000 invested in the townhome , which is not to be shared by John should they divorce . Appreciation and equity added after the wedding will be split equally , in the case of divorce . Cindy should not feel selfish for protecting her investment . This is money that she earned over many years , through hard work and savvy investing before she met John . Meet Anna and Juan . Anna is in her 20s and Juan is in his 30s . Neither own a home or have large bank accounts . Juan has worked at the same company for 15 years and has already built up a sizeable pension . Juan would like to hold back his pension from Anna , in the case of divorce . Both Juan and Anna plan for her to be a stay-at-home mom after their first child is born . Anna is concerned that she will not be contributing to her own pension in this scenario , and wants protection from being excluded from Juan's pension . The prenuptial agreement drafted by their attorneys states that Cindy is entitled to claim half of the portion of Juan's pension that accumulates after they marry . Put your kids first ! Prenuptial agreements are especially important if you have children . Do n't jeopardize your kids' college fund , home and / or future by marrying without a prenuptial agreement . In the event of a death and / or divorce , your kids could be big losers if you do n't plan ahead . Seek pre-nuptial and financial counseling before walking down the aisle . The best place to iron out your financial concerns is with a neutral third party . Get your own lawyer . A pre-nuptial agreement should not cost more than a few hundred dollars per person ( unless you have significant assets ) . You should have your own lawyer representing your needs . Prenuptial agreements are about self-respect and being fair . They are also a good vehicle to see how your fiancé reacts to " what if " financial scenarios . If you do n't like what you see , be careful about moving ahead with the marriage . If you or your fiancé have major debt , consider discussing how that debt will be managed and / or eliminated during the marriage . Establish financial priorities that you can both agree on , from the beginning . Order his and hers credit reports and crunch the numbers before all the wedding bills start piling up . Do not run out an open joint credit right after marriage .