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Financial Disclosure Required with Prenuptial Agreements

Financial Disclosure Required with Prenuptial Agreements

An increasing number of Minnesota couples are looking to prenuptial agreements to protect assets in the event that their marriage ends in divorce. Entering a prenuptial agreement involves more than signing a piece of paper. It requires honest disclosure about one's finances, which means that hiding valuable jewelry and lying about money is not encouraged. In fact, lying about finances could land a person in legal trouble.

There are some types of information that need to be disclosed to each spouse prior to signing prenuptial agreements.  Information about gross monthly income must be shared. This includes salary and wages earned from any and all jobs. Deductions taken from this income should be outlined as well. This includes not only taxes, but medical insurance, union dues, money put in retirement accounts and child support, if applicable.

In addition, all assets and liabilities should be listed in detail. This includes a person's home and any other properties such as rentals and vacation homes.  Items inside the home should also be counted. This includes furniture, artwork and appliances.  Any vehicles - including boats, motorcycles and RVs - should also be included.Computers, jewelry and other personal property of value must be included as well.

Businesses and professional practices are counted as assets. Intangible assets such as checking and savings accounts, retirement plans, stocks, bonds and life insurance need to be put on the list - and don't forget cash!  Any educational degrees - such as certificates, bachelor's, master's and other college degrees - need to be disclosed as well, since more education often equates with more earning power.

Honesty is important in a relationship, and if couples don't feel comfortable discussing finances right before marriage, then there may be many issues to contend with in the future.

Source: FindLaw, "Sample Financial Statement," accessed May 16, 2015  

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