There is no question that marriage, despite its excitement, can also be amazingly difficult. Perhaps, this explains why divorce and separation rates remain high?
A prenuptial agreement, commonly known as a prenup, is a notarized agreement that is signed by a soon-to-marry couple. This contract outlines how the couple will handle their assets and liabilities should the marriage collapse. But, for your prenuptial agreement to stand the test of time, it must contain the right provisions.
Here are important provisions that you need to include in your prenuptial agreement.
Both parties’ assets and debts
One of the primary motivations why couples sign prenups is to maintain separate control of the assets and debts they accumulated before getting into the marriage. For instance, you might have built a business that you do not want to risk losing control of should you divorce. In this case, you can list the business as a separate property in the prenuptial agreement. You can also use the prenup to protect family heirlooms that you would not want to risk losing during the divorce. And if your soon-to-be spouse has a lot of debt, you can use the prenup to protect yourself from this obligation in the event of a divorce.
Whether you have children from a prior relationship or with your current spouse, a prenuptial agreement allows you and your partner to specify the children’s inheritance should there be a divorce. However, it is important to note that you cannot include statutory provisions like custody, child support and visitation in the prenup as these can only be determined by the court.
Prenuptial agreements are no longer reserved for the rich and famous. Find out how a properly-written prenuptial agreement can protect your rights and interests during the divorce process.