Is it legal to exclude debts in a premarital agreement and share assets?

[Madame X]

What is the name of your state (only U.S. law)? Alabama

My fiancé wants to agree to exclude his debts (which are significant) in a prenup but he also wants to agree that we share our assets (present as well as any inheritance). He also wants me to share ownership of my property after marriage by changing deeds into both of our names.

Would such an arrangement protect my assets from his creditors?

 

[seniorjudge]

Q: Would such an arrangement protect my assets from his creditors?

A: What did YOUR lawyer say? YOU need a lawyer! And you may also want to seriously rethink this whole thing.

 

[Madame X]

I have not consulted an attorney. This is just the discussion stage.

I am not sure what he is asking is legal because it certainly doesn't sound logical.

 

[ShyCat]

My fiancé wants to agree to exclude his debts (which are significant) in a prenup but he also wants to agree that we share our assets (present as well as any inheritance).

Prenup or no, you are not liable for his pre-marital debts. However, that will mean diddly squat to you when the phone is ringing off the hook with collectors, and even less when things get serious with legal proceedings.

Swell of him to want to share your assets. Creditors will be more than happy to take your money from a joint bank account. Whats yours is his, after all.

He also wants me to share ownership of my property after marriage by changing deeds into both of our names.

Bad idea. Once he becomes co-owner of your property, it will be vulnerable to his pre-marital credit problems.

Would such an arrangement protect my assets from his creditors?

No. Any agreement between you two is just that. It does not limit the rights of third parties such as his creditors. Joint assets are vulnerable to judgments against any one of the co-owners. When you find a lien on your home and your joint bank accounts levied, try waving that prenup which so charitably says you are not responsible for his pre-marital debt and see what reaction you get. That paper will at least create a breeze to cool your fevered brow, but that's about the extent of it.

Unsolicited advice: dump the loser. He's a taker and no good ever comes of hooking up with one of those.

 

[Madame X]

Love tends to cloud our judgment and make us vulnerable .

Thanks for opening my eyes to the possible dangers of entering into his proposed agreement.

I'm truly grateful.

 

[LdiJ]

What is the name of your state (only U.S. law)? Alabama

My fiancé wants to agree to exclude his debts (which are significant) in a prenup but he also wants to agree that we share our assets (present as well as any inheritance). He also wants me to share ownership of my property after marriage by changing deeds into both of our names.

Would such an arrangement protect my assets from his creditors?

I cannot believe that you would even contemplate such arrangements. His premarital debts will never be your responsibility (except as they effect your family finances) and there is absolutely no way in heck that you should agree to give him half of your premarital assets or any future inheritance...and you should absolutely NOT put his name on the deed to your home. That would be an inane/stupid thing to do.

If any guy asked those things of me, the wedding would be OFF.

 

[ShyCat]

Give yourself lots of credit for asking now rather than later when it would be too late. Kudos to you. As my Mom taught me, "A smart woman learns from her mistakes; a wise one learns from others mistakes."

 

[Madame X]

ShyCat, you're the best.

Thanks again.