Prenuptial contracts are precious for individuals who control great wealth and numerous assets, as well as those who have financial commitments from previous marriages.
If you are preparing to marry in the Midwest and have financial concerns about your upcoming marriage, a prenuptial contract may provide the security you need to approach your marriage with greater confidence. Before you start drafting your prenuptial contract, there are a few things you should know about these agreements, how they work, and how to go about drafting an enforceable agreement.
Ultimately, there is no single blueprint that every prenuptial contract must follow. Every couple is different, and every marrying spouse will have different financial obligations, intentions, goals, and concerns. The process of developing a prenuptial contract is relatively straightforward. This is an excellent way to start the process, but you should by no means assume that a prenuptial contract you have created yourself will carry the same legal weight as a prenuptial contract drafted with the help of an attorney.
What you need to include with your prenuptial contract will vary from couple to couple. However, as a baseline, it should include:. An experienced family law attorney is your best resource if you want to create a legally enforceable prenuptial agreement.
They can help you tailor the agreement to your specific preferences and goals and help you ensure it will hold up in court should you need to refer to it in the future.
First, your prenuptial agreement cannot include any terms and conditions regarding child custody. If you divorce, you and your spouse must undergo a child custody determination just like any other divorce involving kids.
Your prenuptial contract also may not include any illegal or unconscionable terms. This means you cannot require your spouse to engage in any illegal activities or accept unreasonable burdens within your prenuptial agreement.
Additionally, both spouses must sign the prenuptial agreement lawfully. They must both be over the age of 18 and be of sound mind when they sign their prenuptial contract. If anyone is compelled to sign a prenuptial contract under threat, undue influence, or while intoxicated by alcohol or drugs, the prenuptial contract is unenforceable.
An experienced attorney will help you make sure the contract does not include any illegal or unenforceable elements and provides the legal protection you and your spouse expect from it. They can also help you revise your prenuptial contract over time. This is one thing many people overlook about prenuptial agreements; eventually, you will need to revisit and review your prenup to ensure it still holds applicable terms and conditions. This is especially true after significant life events like the birth of a child.
If you are unsure about how to go about creating your prenuptial contract, contact an experienced family law attorney as soon as possible and discuss your goals with them. They can help you understand the contract drafting process and provide peace of mind as you and your spouse-to-be draft your prenuptial agreement.
What to Include in a Prenup The following are several things to include in a prenuptial agreement: Distinctions between marital and separate property — Marital property includes assets the couple acquired throughout the marriage, while separate property includes assets which a spouse owned before getting married or assets which were gifted or given through inheritance. In general, if you can prove that you were the owner of a specific asset prior to marriage, it will still be considered separate property.
You and your spouse can determine how separate property is treated and how marital property is divided.
Protections against the debts of the other spouse — Without a valid prenup, your marital property can be subject to creditors—even though the only spouse is the debtor.
Limiting your debt liability, instead of having each spouse owe half of everything, can substantially limit the stress of a divorce. Waivers of alimony rights — In most marriages, the lower-earning spouse may be entitled to alimony payments from the higher-earning spouse. However, if the judge considers the provisions to be unfair, the court could terminate it.
Provisions for children from previous marriages — You can use a prenup to ensure that your children from a previous relationship will inherit some of your property, thus preventing accidental disinheritance.
Protections from estate plans — Prenups are also a great estate-planning tool, ensuring that your plan is fulfilled to your wishes. Sunset clause — Unfortunately, prenups are not the most romantic thing in a marriage. Sometimes, it can discourage a significant other from getting married in the first place.
Family Personal. LawDepot on July 22, Here are three important things that you should include in your Prenup. Assets and Debts A Prenuptial Agreement is a good way for you and your partner to maintain separate control over personal assets or property that you accumulated before you were together. Protection of Your Estate Plan When most people think of estate plans, they think of documents like a Last Will and Testament or Living Will , but a Prenuptial Agreement is also an important estate planning document.
Using a Prenuptial Agreement A Prenuptial Agreement is a useful document for couples for various reasons, including providing financial and personal peace of mind. How to Discuss Money with Your Partner. Posted in: Family , Personal Tagged in: contract , marriage , prenup , prenuptial agreement.
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