A financial advisor offers some comprehensive life planning advice that is also well worth reading for anyone contemplatling divorce.
Acting upon this advice, especially having a premarital agreement based upon discussions inspired by it, could save substantial money and hostility in the event of a divorce.
Things to discuss and decide together:
- who will be responsible for which debts and liabilities?
- remember, even after the wedding, while there’s marital harmony, it’s never too late to come up with a postnuptial agreement, if desired
- who will be the primary caregiver for the children?
- will the primary caregiver take time off work? how long?
- how will any needed daycare be paid for and chosen?
- how will healthcare for mother and baby be paid for?
- how much savings does the family need in case of emergency?
- how will life insurance on the primary breadwinner be paid for?
- how will the children’s college be paid for? when will you start saving for it?
- do you need living trusts, medical powers of attorney, wills, etc?
- will the person handling your final affairs be able to locate and access your safe deposit box and identify your accountant, financial planner, insurance agent, attorney, etc?
- how should property be divided, so that each spouse receives sufficient liquid assets as well as not so liquid assets?
- how can you give the children stability and continuity after divorce?
- who will take care of the children most of the time? when will the other parent see the children?
- how will the children be supported financially?
- should retirement accounts, trusts, wills, etc. be updated to protect the children and reflect the change in marital status?