A few things to consider about prenuptial agreements

There was a time — and it wasn’t even that long ago — when prenuptial agreements were considered a taboo subject that few married couples should consider. The contract was seen as a couple thinking about divorce before they even said their vows, and even if it was something they wanted to consider, the general thinking was that only couples with significant assets should agree to a prenuptial agreement.

But the perception of prenuptial agreements has changed quite a bit over the years, and they are now viewed as important contracts for not only divorce, but also the health of the marriage as well. So what is a prenup? It is a contract that essentially creates new rules that pertain to your divorce (should one occur) instead of the ones that would apply without the presence of that prenup.

A prenup is also especially important in a community property state, like Wisconsin, where assets become shared marital assets once you tie the knot. A prenup can designate that certain assets (may they come about in the future, or may they be current shared assets) or exempt from the community property rules.

In addition, a prenuptial agreement can evolve and change as the marriage goes on. Just because you sign it before your wedding day doesn’t mean that the language contained within the contract will remain constant throughout the marriage. You can alter and update the prenup over the years, and you can even sign a postnuptial agreement to address new issues — or to generate a similar document to a prenup if you didn’t sign such a contract prior to your wedding day.