Like any good business partnership agreement, romantic partners should have a pre-nuptial agreement. The process of discussing a written agreement before marriage forces the couple to have honest conversations about their financial expectations, their assets and liabilities, and how to handle delicate issues such as inheritances and premarital assets. We all have our own view of how to spend and save, what is shared and what is ours alone. Fairness is a word not easily defined, and so if possible, a framework should be established to avoid future conflict and misunderstandings.
Just as almost-married couples can have an agreement that outlines their financial expectations, people who are not anticipating marriage, and people who are already married can do the same. An excellent use of a written agreement between people without a marriage expectation is when they own real estate together. Such an agreement addresses how much each contributes to the down-payment, who pays the mortgage, how to handle repairs and what happens to the real estate if the relationship falls apart or one wants to sell.
Even married people can contract with one another. If one spouse is expecting an inheritance, an agreement could protect one spouse’s right to it, assign it to the children, or limit its division if they were ever to divorce.
Negotiations for all prenuptial and partnership agreements are delicate and require the finesse of a skilled attorney. You’ll find experience, expertise and compassion at Grossman & Associates, Ltd.
Grossman & Associates, Ltd.