HERE’S EVERYTHING YOU NEED TO KNOW ABOUT CREATING A PRENUPTIAL AGREEMENT
Of course, no one thinks about divorce before they get married. But thinking about the prenuptial agreement is actually fine because it will help set specific terms in its right place when the marriage ends. For example, if you have a family business that is well established, it is normal for you to protect you and your family’s assets to the other person once a divorce is filed.
If you are thinking of creating a prenuptial agreement, then it would be best to know the things that you can and can’t include in the document. This will help avoid confusion and rewriting the agreement again in the future.
Things That Can Be Included
Property Distribution Upon Divorce
Each state has a law when it comes to divorce, but if you have a prenuptial agreement, you can bypass all of these laws so you can both agree on who will get what. Some states allow this, but there are some states that will let you decided if you’re going to be entitled to alimony or not. So it is always better to check the law of your state or consult a family lawyer to clear things up.
Provisions On Children From Past Relationships
Now, if you have children from your past relationship and you want to secure their inheritance, then including this in your agreement would be best.
Protections For Real Estate
When it comes to prenuptial agreements, you can also make sure that your real estate will go to where you want it to be. But together with the prenuptial agreement, you also need to ensure this in your living and will trusts.
Protecting Family Property
If you have any family inheritance in the future, family business, and family heirloom, it would be best to protect them and include them in the prenup as well.
Protections Against Debt
If you or your spouse has debts, the creditors can go after both of you even after the divorce. You can avoid this from happening by limiting your liability when it comes to debt. This will not only protect you against debts but as well as your partner.
Things That Cannot Be Included
Details About Personal Preferences
A prenuptial agreement should not include personal preferences, including whose name should be used, where to spend the holidays, who will do the chores, or details about the rearing of the child. Discussing non-financial issues in your prenup agreement is not allowed.
Anything That Encourages Divorce
A judge will always check your prenuptial agreements and its details to ensure that nothing will encourage a divorce. If anything is detailing how the property will be divided, the court will see this as something that encourages divorce. Always check with your lawyer because judges always pay very close attention.
Waiving Any Rights To Alimony
A lot of states are prohibiting this, but some states will check your ability to up your rights of alimony. Of course, there are also states which will allow waiving alimony, so check with the law in the state that you live in.
Discussions About Child Custody Or Support
Another thing that should not be included in a prenuptial agreement is child custody or support. The reason behind this is because only the court has the final right to calculate any child support. The child support will be based on the child’s best interest, and a lot of factors shall be considered. The court will also be the one to decide on child visitation or custody. The court will always base its decision on the interest of the child.
Discussing Anything Illegal
Each state will prohibit anything that is illegal in your prenuptial agreement. It can jeopardize the agreement. It could be put aside or no longer be useful at all.
Here are some of the reasons why a prenuptial agreement is needed as well as the items that are commonly included:
• Settlement of future disagreement, including arbitration and medication
• Putting one through school
• Property distribution of the living, such as life insurance when one dies
• Management of payment and credit card spending
• Arrangement when it comes to investing or purchasing
• Management of joint accounts
• Management of expenses and household bills
• Retirement benefits
• Separate businesses
These are all of the information that you need to know on what to include in the prenuptial agreement. In this way, you will be assured that the agreement will be agreed upon by the judge. Also, you can always consult your family lawyer regarding the agreement to avoid any confusion and problems.
Based on Materials from Find Law
Photo Sources: Money Crashers, Bragg Family Attorney, Bring Back Lover