It may be wise for many couples in Kentucky to sit down and talk about finances prior to marriage, with the outcome of such discussions being a fair prenuptial agreement. It might not be the most romantic thing to do, but it is the responsible thing to do.
Prenuptial agreements can cover a number of issues. For example, they should include a complete list of the couple's individual assets and liabilities and cover what should be done with these assets and liabilities if the couple ultimately divorces.
Couples may want to name one spouse or the other as the person who will handle the money during the marriage or they may decide to do so jointly. In addition, discussions about spending and lifestyle are important to have prior to marriage, so the couple has the same mindset about finances before it becomes an issue. Couples also may want to discuss retirement plans and other long-term savings goals.
Similarly, conversations about debt and credit are important to have, again so that each spouse is on the same page about spending and borrowing. Also, discussing whether gifts will be marital or not and how to handle loans from family members can be important topics to cover in a prenup. In addition, discussing whether to file taxes jointly or separately also can be discussed during the formation of a prenup.
There are also contributions that a couple can make to a marriage that are not directly monetary. For example, will one spouse stay at home to raise the children? How will the couple handle changes in careers, if they come up in the future? What if one spouse's job requires him or her to move out of state? What if one spouse decides to pursue higher education? Discussing how to handle these events ahead of time may be a good idea.
These are only a few topics that are likely to be discussed during the formation of a prenup. Other topics, ranging from family business ventures to disability or death to how long the prenup will last are also conversations worth having. In the end, couples need to make sure that they thoroughly and methodically work through all of their financial issues in order to create a prenup that is fair. It may help for each party to seek out legal representation in order to ensure their interests are adequately protected.