Prenuptial agreements (“prenups”) are not “one size fits all,” much like partnerships in general. Each marriage has its own set of objectives and problems that need to be resolved. These unique goals are reflected in the prenuptial agreement’s text. People who are unsure about getting a prenup often mix up the notion with certain widely held beliefs and misunderstandings.
One argument often made is that prenuptial agreements simply serve to prepare for divorce. However, regardless of whether there is a divorce, the main objective of a prenuptial agreement is to define expectations for the future of the partnership. Prenuptial agreements are advantageous for all types of marriages, as I have previously written about.
By enabling couples to be proactive about their future, the management of their assets, and the expectations for their lifestyle, a prenuptial agreement may serve as a platform for compromise. What should be in a prenup agreement if a couple makes the decision to get one?
When it comes to the prenup’s structure, couples have a lot of possibilities. I’ve included a few things to think about below to give you a rough sense of potential prenup themes. Each component, as well as the agreement as a whole, may be altered to suit the requirements of the couple as well as each person. Couples may become aware of more connected issues that should be included in the prenup after discussing these issues.
Financial Transparency
As you are ready to be married, a prenup involves complete financial disclosure to your spouse. No matter whatever one’s financial situation is, discussing debts and assets may be challenging. Each party may come into the marriage completely aware of the financial situation thanks to the option provided by a prenuptial agreement for full financial disclosure from both parties. A solid marital foundation may be built via open communication regarding money.
Acquired Assets & Possessions Throughout the Marriage
In most cases, property gained during a marriage is regarded as “marital property,” making it fair game for equitable division in the event of a divorce. Couples may stipulate specific terms for this in a prenup, such as whether particular property won’t be regarded as marital property or how property should be handled in the case of a divorce.
Property Brought Into the Marriage
Property brought into the marriage is often regarded as that party’s “separate property,” meaning that the property would remain that party’s property even after a divorce. The prenup may specify specific conditions for separate property in the same way that it might for marital property.
Designations of Beneficiaries
A prenuptial agreement allows for the debate and selection of beneficiaries for pensions, retirement funds, and other financial assets. The couple may discover more issues they wish to put in the prenup just by talking about it.
Social Media
Prenuptial agreements between spouses are starting to more often incorporate social media clauses. These provisions may specify which images and postings can be created with or without permission. By doing this, both parties may be shielded from the unintentional disclosure of personal information.
Maintenance
In the case of a divorce, one party may be obligated to provide for the other financially via maintenance (also known as alimony). Lawyers may guide clients through the technical procedures if a couple wishes to incorporate this item in their prenuptial agreement. Some couples decide to completely omit this prenuptial agreement item. Lawyers will go through the ethical and legal questions that need to be taken into account while waiving this right.
Maintenance
In the case of a divorce, one party may be obligated to provide for the other financially via maintenance (also known as alimony). Lawyers may guide clients through the technical procedures if a couple wishes to incorporate this item in their prenuptial agreement. Some couples decide to completely omit this prenuptial agreement item. Lawyers will go through the ethical and legal questions that need to be taken into account while waiving this right.
Pets
Upon a divorce, what will happen to the family pet? What if both partners have an equal amount of affection for a pet that one spouse had prior to the marriage? When a couple gets divorced, the prenuptial agreement may assist lay out a strategy for what will happen to their pet.
The topics that might be discussed in a prenuptial agreement are only briefly shown in this example. Couples may be able to identify their special objectives and concerns that they may or may not want/need in the prenup by starting with broad talks. Your lawyer may also guide you through the agreement’s structure and the procedure’s steps.
