Disclosing your assets and liabilities key to a prenup

Disclosing your assets and liabilities key to a prenup

| Aug 31, 2018 | Divorce |

As you thoroughly put together the plans for your wedding, you need to be thinking about a little legal document that can protect both you and your spouse. That document is the prenuptial agreement. It can be difficult to broach this subject with your future spouse but you really need to protect yourself. Let’s take a look at what you need to disclose in order for the prenup to be valid.

As you sit down to create a prenuptial agreement with your future spouse, you will need to have any and all information related to your assets and liabilities on hand. This information must be presented as part of the agreement on a financial disclosure statement. If you leave anything out or lie, the agreement can be declared invalid.

You will need to disclose your gross monthly income, all of the taxes taken out of your check or self-employment taxes you pay, the assets in your name and the debt in your name. All of these items must be included on the financial statement.

When you are done adding everything to the statement, you can determine your net worth, which is your net income plus your assets minus the debt you have. Make sure you do not hide any assets or try to forget listing any of the properties you own.

The prenuptial agreement has saved thousands of couples from additional heartache and stress when getting divorced in Kentucky. Once you have this agreement in place, you can rest easy knowing that nothing out of the ordinary can happen to your assets upon divorce.