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What are the benefits to a financial summary?

Divorce can be one of the most stressful events an individual can go through. Subjects like custody, child support and property division often add to the frustration of the process. One way spouses protect themselves from these stressors is to draft a prenuptial agreement before marriage. While these agreements may help spouses identify debt, assets and property, it isn't the only way to find out what your soon-to-be spouse is bringing with them to the marriage.

Before couples can enter into a prenuptial agreement, they must work with an attorney to complete a financial summary. These summaries are used by individuals to disclose income, assets and liabilities. This information is then used while drafting a prenuptial agreement to ensure complete inclusion of all financial aspects.

Although financial summaries are typically the first step in drafting prenuptial agreements, they can also be used on their own. These financial statements are a useful way to identify each spouse's current financial condition. Even though prenuptial agreements are, first and foremost, a protective measure, they also serve to provide spouses with full financial disclosure. Even if neither spouse intends on entering a prenuptial agreement, a financial summary may still offer couples with a clear picture of their future spouse's financial health.

Even if soon-to-be spouses don't intend on entering into a prenuptial agreement, they may still want to consult with an attorney after filling out a financial summary. Depending on the situation and the number of assets or liabilities either individual has, couples may find it is in their best interest to protect their financial future in the event of divorce.

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Goddard & Malmquist
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