While a prenuptial agreement is a legal document that can make dissolving a marriage easier on both parties if a divorce becomes necessary, many couples in Minnesota associate them with negative connotations. However, it is wise to consider potential issues before a marriage as a couple prepares for the future. Discussing financial goals and concerns can help a couple during a marriage, and this may make things less complicated if a divorce does occur.
Prior to drawing up an official prenuptial agreement, a couple might decide to discuss and plan for the future. This gives future spouses a chance to discuss their financial history, the way they view earning and spending money and their ideas for the future. Talking and sharing information like tax returns, bank statements and records of debt can help a couple figure out where they stand financially and how to best plan for future events.
Communication about money also becomes very important for working together when financial issues arise. Before getting married, a couple might need to discuss how to handle potential issues like paying for premarital debts or costs for the children of one spouse. Even if a couple does not have all the answers, disclosing possible problems when contemplating a prenuptial agreement allows both parties to acknowledge the situation and make a commitment to work together.
Preparing for a divorce sometimes helps couples when dissolving a marriage, but it could turn contentious whether a couple has a prenuptial agreement or not. Even if one exists, one spouse could contest its validity. This may have an effect on the ultimate property division decision made by the court. If a couple does in fact decide to enter into such an agreement, it is advisable for each party to retain separate counsel in order to possibly avoid challenges at a future date.