Postnuptial agreements are a great way to bring transparency to your marriage and often correct any previous money problems. Some couples are opting for postnuptial agreements. Postnups can cost a lot, as each partner needs a separate counsel to go over documents, not to mention coordinating with tax and accountants and estate planning attorneys. Here's a list of questions people considering a postnup should ask, according to WMUR.
A postnuptial agreement can be good for both spouses. Just going through these questions can be good for both partners and their relationship.
Getting a postnup can be like restarting a marriage after financial assets have changed and have been acquired throughout the marriage.
When a couple is trying to remake their financial lives, this is the first question they should ask.
Children of any age are part of new financial agreements made in marriage.
Will the new agreement affect their future career options or inheritances? This question needs to be answered.
How much debt does the couple have? Full disclosure of debt is essential to a postnup. If it's hidden, bring it out into the open.
Both need to discuss how their current debt will be handled and what will happen to future debt as well.
A plan needs to be made on what to do with current investments and what type of future investments are appropriate.
If either people run a business and they feel there's a chance the marriage might end, they should concoct a plan for the purchase or disposition of assets.
If at least one of the spouses thinks some expenses are burdensome, they should come up with a change of responsibilities.
Coverage for life, health, home and disability needs to be discussed.
The couple should look at their estate planning documents and update their beneficiaries.
Establishing a trust isn't a bad idea either.
This conversation shouldn't only be about money, but about dealing with potential illness and how to live during retirement.