While the prenuptial agreements of yesteryear were largely meant for celebrities and high-net-worth couples, modern couples are rewriting the rules of what needs to go into these once-socially taboo agreements. Below, we look at some more of the relevant considerations contemporary couples could build into a 2020s-era prenup.
New Debt Considerations Within Prenups
The ballooning student debt crisis means more couples enter a union where one or both spouses have significant debt balances. These debts could be from federal loans or private banks, and the way they’re structured can significantly impact a couple’s overall finances.
Couples choosing to write a prenup are now spelling out who came into the marriage with student debt and whose responsibility that debt is. It’s important to stipulate responsibility both during the marriage and in the event of a divorce. It’s a smart idea, especially in states that may view collective debt as the responsibility of both spouses, regardless of who owned the debt initially.
Determining Pet Custody In an Ohio Prenup
While some states have restrictions on what you can discuss in a prenup in terms of future children, pet custody is typically fair game. In many cases, pet custody is written into a prenup, and it doesn’t particularly matter if the pet was owned by one spouse before the relationship or owned together. Couples will often make agreements about who can provide care (and pay for that care) in the event of a split.
How the Pandemic Reshaped Expectations
Younger couples are now looking at the way a major world event like the COVID-19 pandemic can affect relationships, finances, and so much more. What happens if one spouse gets sick and runs up significant medical bills? What happens if children have to be homeschooled for an extended period? What happens if things shut down – who is responsible for those costs should both spouses be separated? The pandemic is reframing what a long-term relationship could mean and all of the different variables that fall within that.
Prenups are losing some of their social statuses as “divorce contracts” and are now seen as more of a protective measure for younger Ohio couples building their lives in an uncertain world changing faster than ever. It’s important to put that trust in a professional family law firm like Garretson & Holcomb, LLC. Couples across West Chester, Mason, and Hamilton know they can count on the firm for their prenup needs. Call (513) 863-6600 to learn more.