While not mandatory, there are many people out there who feel it’s a good idea to have a prenuptial agreement in place before tying the knot. For many relationships, it can be beneficial. For others — not so much. We’ve discussed the pros and cons of prenups before, but how inclusive are they? What exactly does a prenuptial agreement cover and not cover?
Read this blog post to help you decide beyond a shadow of a doubt if a prenuptial agreement is right for you.
What is a prenuptial agreement?
First things first, a prenuptial agreement is a contract between you and your soon-to-be-spouse. The purpose is to create clearly-defined rights and obligations, and the belief is that if there is a divorce, disputes can be resolved simply by referring to the prenuptial agreement. But like we said earlier, prenups are not mandatory. In fact, many couples carry on long and happy marriages without one. If you decide to have a prenuptial agreement, it must be agreed to and signed by both parties before getting married. It goes into effect on your wedding day.
But what does a prenuptial agreement cover and not cover? Can you literally write anything into the language?
The quick answer is no.
A prenuptial agreement covers almost anything as long as that matter is not illegal in nature, adversely affects a child’s rights, or defrauds a creditor. Below is a breakdown of issues that are traditionally acceptable to have in a prenup:
- Clearly defining which property belongs to each party
- Predetermining rights and duties for the marriage, including child care and career sacrifices
- Defining which debts existed before the marriage, who they belong to, and who is responsible for paying them
- What should happen to assets each of you owned before you got married if either of you dies or there is a divorce
- Defining what is considered separate property, marital property, or community property
- The language that defines the religious upbringing for your children (existing and future)
- Whether money you or your spouse earn, acquire, or inherit during the marriage becomes marital money or not
- The ability to eliminate, limit, or set any future alimony obligations
Conversely, below are a few things that generally cannot be included in a prenuptial agreement:
- Issues of child custody or child support
- Any requirements that can be deemed illegal according to law
- Purposely limiting a parent’s responsibility to a child
Call Nelson Law Group today!!
We hope you found this blog post beneficial and that you can use some of these tips to help you make the right decision for you and your spouse when it comes to prenuptial agreements. Give our knowledgeable staff here at Nelson Law Group, PC a call if you have any further questions regarding this or any other issue.
Our staff is always available. Give us a call today! For more information about Brett A Nelson, click here.
Source: Nelson Law Group