What can I include in my prenup?
Oct 21 2016 - Posted by On Behalf of the Lincoln Law Firm, PPLC, in Prenuptial Agreement, Tagged in Prenuptial Agreement
Although bringing up the topic of a prenuptial agreement, or prenup, with your soon-to-be spouse may be an uncomfortable conversation, especially with all the joys of a wedding and a lifelong commitment to your future, there is no denying that the benefits of a prenup are vast. But what can be included in a prenup? More than you may think.
A common belief is that prenuptial agreements only cover a couple’s property division in the event of divorce. During a divorce, not only is a couple’s assets and property split, but their debts are split as well. A prenup may exclude each spouse from acquiring the other’s debts. Prenups can also assure that children from a previous relationship or marriage receive a protected inheritance. In addition, prenuptial agreements can address how certain responsibilities are allocated during the marriage. This may include who handles financial responsibilities and obligations such as the management of bank accounts, bills and even credit card spending.
There are some restrictions to prenups, however, which are generally done to protect the rights of each spouse. For example, decisions regarding child support and child custody may not be included in a prenup. One cannot waive the right to alimony for a prenup, nor can rules be established of a personal, non-financial matter.
It is important to understand that a prenuptial agreement may benefit both sides, as it establishes parameters, responsibilities and allows the agreement of decisions in advance. Almost anyone who has experienced a divorce, either personally, or through family or friends, knows how testy the situation may become. This reason alone should be enough for soon-to-be couples to at least consider forming a prenuptial agreement.
Source: By findlaw.com, “What Can and Cannot be included in Prenuptial Agreements,” Accessed on Oct. 18, 2016
